SEC Filing Document

Company: ERock, Inc.
Ticker: 
CIK: 2110029
Filing Type: DRS
Document Type: DRS
Date Filed: 2026-02-17
Accession Number: 0001193125-26-054926
Exchange: 
SIC Code: 3620
SIC Description: Electrical Industrial Apparatus
URL: https://www.sec.gov/Archives/edgar/data/2110029/000119312526054926/filename1.htm

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be the highest combined federal, state, and local tax rate that may potentially apply to an individual resident in the U.S. (as reasonably determined by ER Holdings). See “Certain Relationships and Related Person Transactions—Limited Liability Company Agreement.” Blocker Mergers Before the IPO, the Blocked Unitholders hold their interests in ER Holdings through certain entities that are classified as corporations for U.S. federal income tax purposes (the “Blocker Companies”). Immediately after and in connection with the IPO, we will enter into certain restructuring transactions (such transactions, the “Blocker Mergers”) that will result in the Blocked Unitholders acquiring shares of newly issued Class A common stock in exchange for our acquisition of the Blocker Companies and, indirectly, the equivalent number of Class A Units held by the Blocker Companies. 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 certain tax benefits, if any, 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. Sales or exchanges of Class B Units are 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 blended state and local income tax rate of   % (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 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 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 the net proceeds from this offering to (i) 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 and (ii) cause ER Holdings to use the net proceeds to repay approximately
$    of the outstanding indebtedness under the 2025 Term Loan, unless otherwise converted into equity pursuant to the terms thereof, $     of the outstanding indebtedness under the 2025 Convertible
Notes and $    for general corporate purposes, which may include deployment and manufacturing capacity, furthering commercialization of our power systems and expanding our product and services offerings. 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 2025 Convertible Notes have a maturity date of December 27, 2026, with respect to 2025 Convertible Notes originally issued under the 2024 Note Purchase Agreement, or of April 29, 2027, with
respect to 2025 Convertible Notes originally issued on or after the effective date of the A&R Note Purchase Agreement, and bear interest at 15.0% per annum, compounding quarterly, with interest paid in kind. The proceeds of the 2025 Term Loan
and the 2025 Convertible Notes have been used for working capital. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources.”

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 December 31, 2025 of

• ER Holdings on a historical basis; and

• Enchanted Rock 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 December 31, 2025

(Dollars in thousands, except par values) Historical ER Holdings Pro Forma Enchanted Rock

Cash and cash equivalents $ $

Long-term debt, including current portions:

2025 Credit Agreement (1)

Total long-term debt $ $

Members’ / Stockholders’ equity:

Members’ equity —

Class A common stock, $0.01 par value; no shares authorized, issued or outstanding
(Actual);    shares authorized,    shares issued and outstanding (As Adjusted) —

Class B common stock, $0.01 par value; no shares authorized, issued and outstanding (Actual);
shares authorized,    shares issued and outstanding (As Adjusted) —

Additional paid-in capital —