SEC Filing Document

Company: ERock, Inc.
Ticker: 
CIK: 2110029
Filing Type: S-1
Document Type: S-1
Date Filed: 2026-05-15
Accession Number: 0001193125-26-227199
Exchange: 
SIC Code: 3620
SIC Description: Electrical Industrial Apparatus
URL: https://www.sec.gov/Archives/edgar/data/2110029/000119312526227199/d12401ds1.htm

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by the Blockers. The cash portion of the consideration for each Blocker Merger will be determined by multiplying (1) the difference between (a) the total number of Class A Units held by the applicable Blocker and (b) the number of shares of Class A common stock that will be received by the Blocked Unitholders with respect to that Blocker in connection with that Blocker Merger by (2) the price per share paid by the underwriters for our Class A common stock in this offering. Each of the Blocker Companies initially will become a wholly owned subsidiary of us and then be merged into us. Tax Receivable Agreement Prior to the completion of the IPO, we will enter into the Tax Receivable Agreement with certain of our pre-IPO owners that provides for our payment to such pre-IPO owners of 85% of the net cash tax savings, if any, Table of Contents

that we actually realize, or are deemed to realize (calculated using certain assumptions), as a result of (i) certain increases in, or adjustments to, the tax basis of assets of ER Holdings
and its subsidiaries resulting from exchanges of ER Holdings membership interests in the future, (ii) certain tax attributes available to us as a result of the Reorganization, and (iii) certain other tax benefits related to our entering
into the Tax Receivable Agreement, including tax benefits attributable to payments that we make under the Tax Receivable Agreement. Exchanges are generally expected to result in increases in the tax basis of the assets of ER Holdings. The tax
attributes covered under the Tax Receivable Agreement may reduce the amount of U.S. federal, state, and local tax that we would otherwise be required to pay in the future. Actual tax benefits realized by us may differ from tax benefits calculated
under the Tax Receivable Agreement as a result of the use of certain assumptions in the Tax Receivable Agreement, including the use of an assumed weighted-average state and local income tax rate (as adjusted to take into account the U.S. federal tax
benefit of such taxes) to calculate the tax benefits. This payment obligation is our obligation and not an obligation of ER Holdings. See “Certain Relationships and Related Person Transactions—Tax Receivable Agreement.”

Offering Transactions

intend to use all of the proceeds (net of underwriting discounts and commissions) from our issuance of shares of Class A common stock in the IPO (excluding any proceeds from the issuance of shares pursuant to any exercise by the underwriters of
their option to purchase additional shares of Class A common stock) to acquire an equivalent number of newly issued Class A Units from ER Holdings. Assuming that the shares of Class A common stock to be sold by us in the IPO are sold
at $     per share, which is the midpoint of the range on the front cover of this prospectus, at the time of this offering, we will acquire from ER Holdings an equivalent number of newly issued Class A Units for an
aggregate of $    . The issuance of such newly issued Class A Units by ER Holdings to us will correspondingly dilute the ownership interests of the Continuing Equity Unitholders and Continuing Profits Interest
Unitholders in ER Holdings.

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USE OF PROCEEDS

We expect to receive approximately $    of net proceeds from this offering (or
$    if the underwriters exercise in full their option to purchase additional shares of our Class A common stock), based upon the assumed initial public offering price of $    per share (which is
the midpoint of the price range set forth on the cover page of this prospectus) after deducting underwriting discounts and commissions and estimated offering expenses payable by us. See “Underwriting.”

We intend to use $     of the net proceeds from this offering to
purchase    Class A Units from ER Holdings at a per interest purchase price equal to the per share price paid by the underwriters for our Class A common stock in this offering. Subsequently, we intend to cause ER
Holdings to use the net proceeds of such purchase to repay approximately $    of the outstanding indebtedness under the 2025 Term Loan. The 2025 Term Loan has a maturity date of November 29, 2030. Interest on the 2025 Term
Loan is payable monthly and accrues at a rate equal to the greater of (i) the prime rate plus 2.25% and (ii) 9.50%, and prepayment of the 2025 Term Loan is subject to a fee in the amount of 7.00% of the initial principal amount. The proceeds of
the 2025 Term Loan have been used for working capital. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources.”

We intend to use (i) approximately $     , or approximately $
if the underwriters exercise in full their option to purchase additional Class A common stock, of the net proceeds from this offering to purchase Class B Units (and Class B Units converted from Class M Units) from certain of the pre-IPO
owners of ER Holdings, at a per unit price equal to the per share price paid by the underwriters for our Class A common stock in this offering and (ii) approximately $    , or approximately $
if the underwriters exercise in full their option to purchase additional Class A common stock, of the net proceeds from this offering to pay the cash consideration to the Blocked Unitholders in connection with the Blocker Mergers.

Although we have not yet determined with certainty the manner in which we will allocate the net proceeds of this offering, we
expect to cause ER Holdings to use the remaining net proceeds it receives from our purchase of Class A Units for working capital and other general corporate purposes, which may include deployment of manufacturing capacity, furthering
commercialization of our power systems and expanding our product and services offerings.

Assuming no exercise of the
underwriters’ option to purchase additional shares, each $1.00 change in the assumed initial public offering price of $    per share (which is the midpoint of the price range set forth on the cover page of this
prospectus) would cause the net proceeds from this offering, after deducting the underwriting discounts and commissions and estimated offering expenses payable by us, to change by approximately $    million, assuming no
change to the number of shares of our Class A common stock offered by us, as set forth on the cover page of this prospectus. Similarly, an increase (decrease) of one million shares of Class A common stock sold in this offering by us would
increase (decrease) our net proceeds by $    million, assuming the initial public offering price of $    per share, (which is the midpoint of the price range set forth on the cover page of this
prospectus) remains the same and after deducting the underwriting discounts and commissions and estimated offering expenses payable by us. If the proceeds increase for any reason, we would use the additional net proceeds for other general corporate
purposes. If the proceeds decrease for any reason, then we expect that we would retain less net proceeds for general corporate purposes.

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DIVIDEND POLICY

We do not anticipate declaring or paying any cash dividends to holders of our Class A common stock in the foreseeable
future. We currently intend to retain future earnings, if any, to finance the growth of our business. Our future dividend policy is within the discretion of our board of directors and will depend upon then-existing conditions, including our results
of operations, financial condition, capital requirements, investment opportunities, statutory restrictions on our ability to pay dividends, restrictions in our existing and any future debt agreements and other factors our board of directors may deem
relevant.

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CAPITALIZATION

The following table sets forth our cash and cash equivalents and capitalization as of March 31, 2026, of

• ER Holdings on a historical basis; and

• ERock on a pro forma basis to give effect to the Reorganization and the issuance and sale of shares of
Class A common stock in this offering at an initial public offering price of $     per share (the midpoint of the price range set forth on the cover page of this prospectus), after (a) deducting the underwriting
discounts and commissions and estimated offering expenses payable by us and (b) the application of the proceeds from this offering, as described under “Use of Proceeds.”

The table below should be read in conjunction with, and is qualified in its entirety by reference to “Management’s
Discussion and Analysis of Financial Condition and Results of Operations,” “Description of Capital Stock” and our consolidated financial statements appearing elsewhere in this prospectus.

As of March 31, 2026

(in thousands, except par values) Historical ER Holdings Pro Forma ERock

Cash and cash equivalents $	300,508 $

Long-term debt, including current portions:

2025 Credit Agreement ( 1) 29,123

December 2024 Convertible Note (2) 10,051

Additional 2024 Convertible Notes (3) 9,878

2025 Convertible Notes (4) 14,098