SEC Filing Document

Company: ERock, Inc.
Ticker: 
CIK: 2110029
Filing Type: DRS/A
Document Type: DRS/A
Date Filed: 2026-04-24
Accession Number: 0001193125-26-177695
Exchange: 
SIC Code: 3620
SIC Description: Electrical Industrial Apparatus
URL: https://www.sec.gov/Archives/edgar/data/2110029/000119312526177695/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 the net cash tax savings, 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. 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 blended state and local income tax rate of   %

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(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

We 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 and $     of the outstanding indebtedness under the 2025
Convertible Notes, unless otherwise converted into equity pursuant to the terms thereof. 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.”

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 from
certain Continuing Equity Unitholders and Class M Units from certain Continuing Profits Interest Unitholders, 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 for working capital and other general corporate purposes.

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