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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transfer provisions of the A&R LLCA and, at the option of us, if the number of Class A Units, Class B Units and Class M Units outstanding and held by its members (other than those held by us) is less than 20% of the outstanding Class A Units, Class B Units and Class M Units of ER Holdings and held by its members (including those held by us) or in the discretion of us, with the consent of holders of at least 50% of the outstanding Class B Units. We will have the right to determine when distributions will be made to holders of interests and the amount of any such distributions, other than with respect to tax distributions as described below. If a distribution is authorized, except as described below, such distribution will be made to the holders of Class A Units, Class B Units and Class M Units.

The holders of interests in ER Holdings,
including us, will incur U.S. federal, state and local income taxes on their proportionate share of any taxable income of ER Holdings. The portion of the net profits and net losses of ER Holdings allocated to the holders of Class A Units,
Class B Units and Class M Units generally will be allocated to the holders of those Units (including us) on a pro rata basis in accordance with the number of those units held by such holder; however, under applicable tax rules, ER
Holdings will be required to allocate net taxable income disproportionately to its members in certain circumstances. The A&R LLCA will provide for periodic cash distributions, which we refer to as “tax distributions,” to the holders
of the units generally equal to the taxable income allocated to each holder of units (with certain adjustments) multiplied by an assumed tax rate. Generally, these tax distributions will be computed based on our estimate of the net taxable income of
ER Holdings allocable per unit (based on the member which is allocated the largest amount of taxable income on a per interest basis) multiplied by an assumed tax rate generally equal to the highest combined U.S. federal and applicable state and
local tax rate applicable to any owner of membership interests in ER Holdings (taking into account certain other assumptions, and subject to adjustment to the extent that state and local taxes are deductible for U.S. federal income tax purposes).
The A&R LLCA generally will require tax distributions to holders of Class A Units, Class B Units and Class M Units to be pro rata in accordance with the ownership of interests in ER Holdings; however, if the amount of tax
distributions to be made exceeds the amount of funds available for distribution, we shall receive a tax distribution calculated using the corporate tax rate, before the other members receive any distribution, and the balance, if any, of funds
available for distribution shall be distributed first to the other partners pro rata in accordance with their assumed tax liabilities (also using the corporate tax rate), and then to all members (including us) pro rata until each
member receives the full amount of its tax distribution. ER Holdings will also make non-pro rata payments to us to reimburse us for corporate and other overhead expenses (which payments will not be treated as distributions under the A&R
LLCA). Notwithstanding the foregoing, no distribution will be made pursuant to the A&R LLCA to any member if such distribution would violate applicable law or result in ER Holdings or any of its subsidiaries being in default under any material
agreement governing indebtedness.

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The A&R LLCA is expected to provide that it may generally be amended,
supplemented, waived or modified by us in our sole discretion without the approval of any other holder of units, except that no amendment can adversely affect the rights of a holder of any class of units without the consent of holders of a majority
of the units of such class.

The A&R LLCA contains certain drag-along and
tag-along rights. If we or our affiliates desire to transfer membership interests that would constitute a change of control of ER Holdings to a third party that is not our affiliate, we may require each other
member of ER Holdings to either sell the same ratable share of its interests or to exchange its interests in ER Holdings. There are no dissenters’ rights, appraisal rights or similar rights in connection with the exercise of drag-along rights.
If we or our affiliates desire to transfer interests in ER Holdings to a third party that is not our affiliate, each other member will have the option to sell the same ratable share of its interests.

Proposed Transactions with Our Sponsor

Registration Rights Agreement

In connection with the closing of this offering, we will enter into a registration rights agreement with our Sponsor. We expect
that the agreement will contain provisions by which we agree to register under the federal securities laws the offer and resale of approximately    shares of our common stock by our Sponsor or certain of its affiliates or
permitted transferees under the registration rights agreement. These registration rights will be subject to certain conditions and limitations. We will generally be obligated to pay all of our registration expenses in connection with these
registration obligations, regardless of whether a registration statement is filed or becomes effective.

The form of the
registration rights agreement is filed as an exhibit to the registration statement of which this prospectus forms a part, and the foregoing description of the registration rights agreement is qualified by reference thereto.

Historical Transactions with Our Sponsor

On December 27, 2024, pursuant to the 2024 Note Purchase Agreement, we issued the $10.0 million December 2024
Convertible Note to our Sponsor, with a maturity date of the later of (i) December 27, 2026 and (ii) for so long as the 2024 Credit Agreement remains outstanding, the date that is six months following the stated maturity date of the
2024 Credit Agreement. The December 2024 Convertible Note bears interest at 15% per annum, compounding quarterly, with PIK, meaning that accrued interest is added to the principal balance. Interest begins accruing on the issue date and continues
until the earlier of the note’s maturity or any event that triggers conversion or repayment prior to maturity, at the lender’s election. For more information on the December 2024 Convertible Note, see Note 11 – Debt, to our
consolidated financial statements included in this prospectus.

In January and February 2025, pursuant to the 2024 Note
Purchase Agreement, we issued a total of $10.0 million in Additional 2024 Convertible Notes to our Sponsor on substantially the same terms and conditions as the December 2024 Convertible Note.

In April 2025, in connection with the A&R Note Purchase Agreement, we amended and restated each of the December 2024
Convertible Note and the Additional 2024 Convertible Notes and issued an additional $15.3 million in 2025 Convertible Notes to our Sponsor.

The 2025 Convertible Notes bear interest at 15.0% per annum, compounding quarterly, with PIK. Interest begins accruing on the
original issue date of the applicable 2025 Convertible Note and continues until the earlier of the note’s maturity or any event that triggers conversion or repayment prior to maturity. On May 13, 2026, portions of the Notes were converted
into common units and the remaining Notes were redeemed in cash. As a

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result, the Notes are no longer outstanding as of the date of this prospectus. For more information on the A&R Convertible Notes, see Note 19 – Subsequent Events, to our consolidated
financial statements included in this prospectus.

Board Observer Agreement

Pursuant to a Board Observer Agreement, dated as of April 23, 2026, by and among ERock, Inc. and Thomas McAndrew (the
“Board Observer Agreement”), who is the former Chief Executive Officer of ER Holdings and who will become the holder of 5% or more of our voting securities through his ownership of shares of our common stock, Mr. McAndrew will serve as a
non-voting observer of our board of directors (the “Board Observer”) upon completion of this offering. Mr. McAndrew will serve as the Board Observer for so long as Mr. McAndrew and his affiliates beneficially own at least 5% of our
issued and outstanding common stock. As the Board Observer, Mr. McAndrew has the right to attend each meeting of our board of directors as a non-voting observer and is not a member of our board of directors or any of its committees. The Board
Observer Agreement provides for indemnification and advancement of expenses in any threatened, pending or completed proceeding brought against Mr. McAndrew by reason of his role as the Board Observer. In addition, ERock, Inc. has agreed to reimburse
Mr. McAndrew for all reasonable and documented out-of-pocket expenses incurred in connection with attending meetings of our board of directors in person, but Mr. McAndrew will not receive any compensation in connection with his role as the Board
Observer.