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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connection with the 2024 Note Purchase Agreement (see Note 11 — Debt — 2024 Note Purchase Agreement). Per the terms of the agreement, upon issuance of the note, the Company issued a warrant to the investor which can be exercised in whole or in part up to an aggregate of 3,340 common units with an exercise price of $0.01. Table of Contents Enchanted Rock Holdings, LLC Notes to Consolidated Financial Statements December On February 19, 2025, the Company issued a $5.0 million convertible promissory note to an investor in connection with the 2024 Note Purchase Agreement (see Note 11 — Debt — 2024 Note Purchase Agreement). Per the terms of the agreement, upon issuance of the note, the Company issued a warrant to the investor which can be exercised in whole or in part up to an aggregate of 3,340 common units with an exercise price of $0.01. Stock Split

On April 29, 2025, the Company effected a 1:5.7550274 stock split of Series A-2
Preferred Units (the “Stock Split”) pursuant to the Fourth Amended and Restated LLC Agreement (see Note 12 — Mezzanine Equity). The 25,162 total Series A-2 Preferred Units issued and
outstanding became a total of 144,808 Series A-2 Preferred Units issued and outstanding. All Series A-2 Preferred Unit amounts and per unit numbers discussed herein have
been retroactively adjusted, as applicable, for the Stock Split.

Amended and Restated Note Purchase Agreement and 2025 Convertible
Notes

On April 29, 2025, the Company entered into an amended and restated note purchase agreement (the “A&R
Note Purchase Agreement”) with an affiliate investor and certain other lenders party thereto from time to time, which amended and restated the 2024 Note Purchase Agreement, the December 2024 Convertible Note and other notes issued under the
2024 Note Purchase Agreement, and pursuant to which the lenders thereunder agreed to purchase convertible promissory notes from the Company in an aggregate principal amount not to exceed $65.0 million (the “2025 Convertible Notes”),
convertible into equity securities having identical rights, privileges, preferences, and restrictions as equity securities of the Company issued in an equity financing. The A&R Note Purchase Agreement cancelled the warrants issued pursuant to
the 2024 Note Purchase Agreement.

As of April 29, 2025, the Company had issued 2025 Convertible Notes in the aggregate
original principal amount of $35.3 million. On August 18, 2025, August 26, 2025, and September 5, 2025, the Company subsequently issued additional 2025 Convertible Notes in an aggregate original principal amount of approximately $70,000. Interest on
the 2025 Convertible Notes accrues at a rate of 15.0% per annum and is payable in-kind (“PIK Interest”) on a quarterly basis. Amounts outstanding under the 2025 Convertible Notes will mature on December 27, 2026, with respect to 2025
Convertible Notes originally issued under the 2024 Note Purchase Agreement, or on April 29, 2027, with respect to 2025 Convertible Notes issued on or after the effective date of the A&R Note Purchase Agreement.

The 2025 Notes are subordinated to the Company’s obligations under the 2025 Credit Agreement and the repayment,
repurchase, or other satisfaction of the 2025 Notes (other than PIK Interest or conversion of the 2025 Notes in accordance with the terms thereof) is restricted under the terms of the 2025 Credit Agreement and a subordination agreement executed in
connection therewith.

The 2025 Note Purchase Agreement contains certain covenants that apply to the Company and its
subsidiaries, including, among others, restrictions on the ability to incur debt, grant liens, make investments or distributions, engage in new businesses other than those reasonably related to those currently engaged in by the Company and its
subsidiaries, or perform mergers and other fundamental corporate changes, in each case subject to certain customary permitted exceptions. The 2025 Note Purchase Agreement contains customary events of default. If an event of default occurs and is
continuing, the lenders under the 2025 Note Purchase Agreement may declare all outstanding obligations thereunder immediately due and payable.

Table of Contents

Enchanted Rock Holdings, LLC

Notes to Consolidated Financial Statements

December

Upon the consummation of an initial public offering, the Company is required
to pay the lenders under the 2025 Notes, in full satisfaction and discharge of the 2025 Notes, an amount equal to the greater of (i) the amount that would have been payable to the lenders if all principal and accrued but unpaid interest under the
2025 Notes had been converted into senior equity securities of the Company at a price per unit equal to (x) $750.00 million divided by (y) the total number of units of the Company, (ii) the sum of (x) two times the amount of all outstanding
principal under the 2025 Notes (other than principal that arose as a result of the payment of PIK interest), (y) the amount of outstanding principal under the 2025 Notes that arose as a result of the payment of PIK interest, and (z) the amount of
accrued but unpaid interest under the 2025 Notes.

Termination of 2024 Credit Agreement

On November 26, 2025, the Company paid off all outstanding principal, accrued interest, and other fees in order to
terminate the 2024 Credit Agreement.

HSBC Credit Facility

On December 22, 2025, the Company entered into a senior secured loan and security agreement (the “HSBC Credit
Facility”) that provides for a $30.0 million term loan and a $30.0 million revolving credit facility, with the revolving facility maturing on December 22, 2028 and the term loan maturing November 29, 2030, or
approximately 24 months following the amortization start date, respectively. On the closing date, the Company borrowed $30.0 million under the term loan. As of December 31, 2025, the Company had no borrowings outstanding under the
revolving credit facility and was in compliance with the financial covenants under the HSBC Credit Facility.

Table of Contents

Shares

Class A Common Stock

PRELIMINARY PROSPECTUS

Joint Book-Running Managers

Morgan Stanley

Morgan

Through and including    , 2026 (the 25th day after the date of this prospectus), all dealers effecting
transactions in our Class A common stock, whether or not participating in this offering, may be required to deliver a prospectus. This delivery requirement is in addition to a dealer’s obligation to deliver a prospectus when acting as an
underwriter and with respect to an unsold allotment or subscription.

Table of Contents

PART II

INFORMATION NOT REQUIRED IN PROSPECTUS

Item 13.	Other Expenses of Issuance and Distribution.

The following table shows the costs and expenses, other than underwriting discounts and commissions, payable in connection with
the sale and distribution of the securities being registered. All amounts except the SEC registration fee, the FINRA fee and the stock exchange listing fee are estimated.

SEC Registration Fee $ *

FINRA Filing Fee *

Listing Fee *

Printing Costs *

Legal Fees and Expenses *

Accounting Fees and Expenses *

Transfer Agent Fees and Expenses *

Miscellaneous Expenses *

Total $ *

*	To be provided by amendment.

Item 14.	Indemnification of Directors and Officers.

Our certificate of incorporation will provide that, to the fullest extent permitted by the DGCL, no director shall be
personally liable to our company or its stockholders for monetary damages for breach of fiduciary duty as a director. In addition, if the DGCL is amended to authorize the further elimination or limitation of the liability of directors, then the
liability of a director of the corporation, in addition to the limitation on personal liability provided for in our certificate of incorporation, will be limited to the fullest extent permitted by the amended DGCL. Our bylaws will provide that each
person who was or is party or is threatened to be made a party to, or was or is otherwise involved in, any threatened, pending or completed proceeding by reason of the fact that he or she is or was a director or officer of our company or was serving
at the request of our company as a director, officer, employee, agent or trustee of another entity shall be indemnified and held harmless by us to the full extent authorized by the DGCL against all expense, liability and loss actually and reasonably
incurred in connection therewith, subject to certain limitations.