SEC Filing Document

Company: ERock, Inc.
Ticker: 
CIK: 2110029
Filing Type: DRS/A
Document Type: DRS/A
Date Filed: 2026-04-01
Accession Number: 0001193125-26-138217
Exchange: 
SIC Code: 3620
SIC Description: Electrical Industrial Apparatus
URL: https://www.sec.gov/Archives/edgar/data/2110029/000119312526138217/filename1.htm

Chunk 12 of 104
Word Count: 1493
Character Count: 9404

Document Content:

of ER Holdings. shares of our Class B common stock and corresponding Class B units will be owned by the Continuing Equity Unitholders. Voting power of Class A common stock immediately after this offering % (or % if the underwriters exercise in full their option to purchase additional shares of Class A common stock). Voting power of Class B common stock immediately after this offering % (or % if the underwriters exercise in full their option to purchase additional shares of Class A common stock). Upon completion of this offering, the Continuing Equity Unitholders will initially own shares of Class B common stock, representing % of the voting power of ERock, Inc. Voting rights We have two classes of authorized common stock: Class A common stock and Class B common stock. Each share of Class A common stock and Class B common stock will entitle the holder to one vote.

Holders of our Class A common stock and Class B common stock will vote together as a single class on
all matters presented to our stockholders for their vote or approval, except as otherwise provided in our amended and restated certificate of incorporation or as required by applicable law. See “Description of Capital Stock.” When a
Class B stockholder exchanges Class B Units of ER Holdings for the corresponding number of shares of our Class A common stock or, at our election, for cash, it will result in the automatic cancellation of the corresponding number of
shares of our Class B common stock and,

Table of Contents

therefore, will decrease the aggregate voting power of our Class B stockholders. See “Description of Capital Stock—Common Stock.”

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 estimated offering expenses payable by us. See “Underwriting.”

We intend to use all of the net proceeds of 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. 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, $   of the outstanding indebtedness under the 2025 Convertible Notes, unless otherwise converted into equity pursuant to the terms thereof, 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.

Please see “Use of Proceeds” for a more complete description of the intended use of proceeds from
this offering.

Dividend policy	We currently anticipate that we will retain all future earnings, if any, to finance the growth and development of our business. We do
not intend to pay cash dividends in the foreseeable future. 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. See “Dividend
Policy.”

Redemption Right	The Enchanted Rock Holdings, LLC Agreement will entitle Class B stockholders and certain of their permitted transferees to cause ER
Holdings to acquire Class B Units, along with the cancellation of an equal number of shares of Class B common stock, for shares of our Class A common stock on a
one-for-one basis or, at our election, for cash. When a Class B Unit is redeemed for a share of our Class A common stock, the corresponding share of our
Class B common stock will automatically be canceled. We have reserved for issuance shares of our Class A common stock, which is the aggregate number of shares of our Class A common stock expected to be issued over time upon the
redemption by the holders of Class B Units, assuming we do not elect to redeem such Class B Units for cash.

Enchanted Rock Holdings, LLC Agreement	Upon completion of the Reorganization, ERock will become the sole managing member of ER Holdings pursuant to the Enchanted Rock

Table of Contents

Holdings, LLC Agreement. As such, ERock will operate and control all of the business and affairs of ER Holdings and, through ER Holdings and its subsidiaries, conduct our business.

See “Certain Relationships and Related Person Transactions—Proposed Transactions with ERock,
Inc.—Limited Liability Company Agreement.”

Tax Receivable Agreement	ERock and ER Holdings will enter into the Tax Receivable Agreement for the benefit of the TRA Beneficiaries, pursuant to which ERock,
Inc. or ER Holdings, as applicable, will pay 85% of the amount of the net cash tax savings, if any, that ERock is deemed to realize as a result of (i) certain increases in the tax basis of assets of ER Holdings and its subsidiaries resulting
from exchanges of ER Holdings Class B Units in the future, (ii) certain tax attributes available to us as a result of the Reorganization and (iii) certain other tax benefits related to ERock entering into the Tax Receivable Agreement,
including tax benefits attributable to payments that ERock makes under the Tax Receivable Agreement. We expect that the payments that we may be required to make under the Tax Receivable Agreement may be substantial. Such payments will reduce the
cash provided by the tax savings generated from the previously described transactions with ER Holdings and the TRA Beneficiaries that would otherwise have been available for other uses, including reinvestment or dividends to holders of our Class A
common stock. See “Organizational Structure” and “Certain Relationships and Related Person Transactions—Proposed Transactions with ERock, Inc.—Tax Receivable Agreement.”

Risk factors	You should carefully read and consider the information set forth in the section entitled “Risk Factors” beginning on
page 32, together with all of the other information set forth in this prospectus, before deciding whether to invest in our Class A common stock.

Listing and trading symbol	We intend to apply to list our Class A common stock on     under the symbol “   .”

Unless otherwise noted, Class A common stock outstanding after the offering and other information
based thereon in this prospectus does not reflect any of the following:

• shares of Class A common stock reserved for issuance upon the exchange of
Class B Units that will be held by Class B stockholders following the completion of this offering;

• shares of Class A common stock issuable upon exercise of the
underwriters’ option to purchase additional shares from us;

• shares of Class A common stock reserved for issuance upon the exercise of our
convertible notes;

• shares of Class A common stock reserved for issuance under our 2026 Plan and
2026 ESPP, which we plan to adopt in connection with this offering.

Unless otherwise indicated in this
prospectus, all information in this prospectus assumes the completion of the Reorganization and that shares of our Class A common stock will be sold 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).

Table of Contents

SUMMARY HISTORICAL CONSOLIDATED FINANCIAL DATA AND OPERATIONAL MEASURES

The following tables set forth the summary historical consolidated financial data and operational measures of ER Holdings for
the periods and as of the dates presented. ER Holdings is considered our predecessor for accounting purposes, and its consolidated financial statements will be our historical financial statements following this offering. The summary historical
consolidated financial data as of December 31, 2025 and 2024 and for the years ended December 31, 2025 and 2024 has been derived from our audited consolidated financial statements included elsewhere in this prospectus. The summary
historical consolidated financial data and operational measures presented below is not indicative of the results to be expected for any future period.

The following information should be read together with “Management’s Discussion and Analysis of Financial
Condition and Results of Operations” and our audited consolidated financial statements and related notes thereto included elsewhere in this prospectus. The summary historical consolidated financial data included in this section is not intended
to replace the financial statements and is qualified in its entirety by our financial statements and the related notes included elsewhere in this prospectus.

Years Ended December 31,

Consolidated Statements of Operations

Power system sales product revenues $	90,138 $	53,976

Power system sales installation services revenues 47,810 38,363

Power system sales revenues 137,948 92,339

Ongoing services revenues 45,197 36,151

Total revenues 183,145 128,490

Cost of power system sales product revenues, excluding depreciation and amortization 75,754 50,748