Energy Impact funds adjust ERock, Inc. (EROC) stake with $119.9M unit sale
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
ERock, Inc. reported a Form 4 showing restructuring and sale transactions by affiliated Energy Impact funds around its initial public offering. Energy Impact Fund (FT-B) LP received 19,350,897 shares of Class A common stock as consideration when EIF ER Blocker LLC merged into ERock, cancelling 20,751,551 Class A units previously held by the blocker. Separately, ERock used approximately $119.9 million of offering proceeds to purchase 6,041,206 Class B units from EIP Flagship Fund I ER Holdings LLC, with an equal number of Class B common shares cancelled. Following these transactions, the reporting entities indirectly held 83,355,210 shares of Class B common stock and 19,350,897 shares of Class A common stock.
Positive
- None.
Negative
- None.
Insights
Large insider-related sale and restructuring tied to ERock’s IPO.
The Form 4 shows Energy Impact–affiliated funds completing a sizeable internal restructuring linked to ERock’s IPO. One fund received 19,350,897 Class A shares as EIF ER Blocker LLC merged into ERock and 20,751,551 Class A units were cancelled.
In a parallel step, ERock used about $119.9 million of offering proceeds to buy 6,041,206 Class B units from an Energy Impact vehicle, with the same number of Class B common shares cancelled. This reduces that class while leaving the funds with 83,355,210 Class B and 19,350,897 Class A shares indirectly.
Because these moves are tied to the IPO structure and involve cancellations, they read more as capital-structure cleanup than a discretionary market sale, so the informational signal for outside investors is limited.
Insider Trade Summary
3 transactions reported
Net Sell
3 txns
Insider
Energy Impact Partners LLC, EIP Flagship Fund I ER Holdings LLC, EIF ER Holdings LLC, Energy Impact Fund (FT-B) LP, Energy Impact Fund (FT-D) LP
Role
null | null | null | null | null
Sold
6,041,206 shs ($0.00)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Class B Units | 6,041,206 | $0.00 | -- |
| Other | Class A Common Stock | 19,350,897 | $0.00 | -- |
| Other | Class B Common Stock | 6,041,206 | $0.00 | -- |
Holdings After Transaction:
Class B Units — 83,355,210 shares (Indirect, See Footnotes);
Class A Common Stock — 19,350,897 shares (Indirect, See Footnotes);
Class B Common Stock — 83,355,210 shares (Indirect, See Footnotes)
Footnotes (1)
- These securities are directly held by Energy Impact Fund (FT-B) LP ("FT-B"). In connection with the Issuer's initial public offering of Class A common stock (the "Offering"), EIF ER Blocker LLC ("EIF ER Blocker") merged with and into the Issuer pursuant to the Blocker Mergers (as defined in the Issuer's prospectus filed with Securities and Exchange Commission on June 10, 2026 (the "Prospectus")). As a result of the merger, 20,751,551 Class A Units held by EIF ER Blocker were cancelled, and, as consideration pursuant to the Blocker Mergers, FT-B received 19,350,897 shares of Class A common stock of the Issuer and approximately $27.8 million in cash from the net proceeds from the closing of the Offering. These securities are directly held by EIP Flagship Fund I ER Holdings LLC ("Flagship"). Each of EIF ER Holdings LLC ("EIF ER Holdings", as the sole owner of Flagship), Energy Impact Fund (FT-D) LP ("FT-D", as owner of EIF ER Holdings), Energy Impact Partners LLC ("EIP LLC", as the managing member of EIF ER Holdings and the general partner of FT-D) and Hans Kobler, a nominee to the Issuer's Board of Directors ("Board") (as the managing member of EIP LLC), may also be deemed to be the beneficial owners having shared voting power and shared investment power of the securities held by Flagship. Each of FT-B, EIP LLC (as the general partner of FT-B) and Mr. Kobler (as the managing member of EIP LLC) may also be deemed to be the beneficial owners having shared voting power and shared investment power of the securities held by FT-B. Voting and investment decisions with respect to the securities described in this Form 4 are made by the investment committee of EIP LLC, which is comprised of seven individuals, (Continued from footnote 4) including Mr. Kobler, Lindsay Luger and Sameer Reddy, each of whom is a nominee to the Issuer's Board. Each member of this investment committee disclaims beneficial ownership of all securities described by this Form 4 except to the extent of his or her pecuniary interest therein. The Issuer used approximately $119.9 million of the net proceeds from the closing of the Offering to purchase 6,041,206 Class B Units from Flagship. An equal number of shares of the Issuer's Class B common stock were cancelled in connection with the repurchase of the Class B Units. Shares of the Issuer's Class B common stock ("Class B Common Stock") have no economic value and have one vote per share. One share of Class B Common Stock is issued for each Class B Unit ("Class B Units") of Enchanted Rock Holdings, LLC ("ER Holdings") held. Upon an exchange of Class B Units for shares of the Issuer's Class A common stock ("Class A Common Stock"), an equivalent number of shares of Class B Common Stock held by such holder will be automatically cancelled. The Class B Units are exchangeable, at the holder's option, on a one-for-one basis into shares of Class A Common Stock.
Key Figures
Class B units sold to ERock: 6,041,206 units
Repurchase amount: $119.9 million
Class A shares received: 19,350,897 shares
+4 more
7 metrics
Class B units sold to ERock
6,041,206 units
Repurchased by issuer using offering proceeds
Repurchase amount
$119.9 million
Cash paid by ERock for 6,041,206 Class B units
Class A shares received
19,350,897 shares
Issued to FT-B as merger consideration
Class A units cancelled
20,751,551 units
Cancelled when EIF ER Blocker merged into ERock
Post-transaction Class B holdings
83,355,210 shares
Class B common stock indirectly held after transactions
Post-transaction Class A holdings
19,350,897 shares
Class A common stock indirectly held after transactions
Additional cash consideration
$27.8 million
Cash paid to FT-B alongside Class A shares
Key Terms
initial public offering, Blocker Mergers, Class B Units, Class B Common Stock, +2 more
6 terms
initial public offering financial
"In connection with the Issuer's initial public offering of Class A common stock (the "Offering")"
An initial public offering (IPO) is when a private company first sells its shares to the public and becomes a stock-listed company. It matters because it allows the company to raise money from a wide range of investors, helping it grow, while giving early shareholders a way to sell some of their ownership.
Blocker Mergers financial
"EIF ER Blocker LLC ("EIF ER Blocker") merged with and into the Issuer pursuant to the Blocker Mergers"
Class B Units financial
"The Issuer used approximately $119.9 million of the net proceeds ... to purchase 6,041,206 Class B Units from Flagship."
Class B Common Stock financial
"Shares of the Issuer's Class B common stock ("Class B Common Stock") have no economic value and have one vote per share."
A class B common stock is one of multiple types of a company’s ordinary shares that carries specific rights—often different voting power or dividend priority—compared with other classes. For investors it matters because those differences affect how much influence you have over company decisions, the income you might receive, and how freely the shares trade; think of it like owning a car with different keys: some keys let you start the engine and open the trunk, others only unlock the door.
beneficial owners financial
"may also be deemed to be the beneficial owners having shared voting power and shared investment power"
Beneficial owners are the people or entities that actually enjoy the economic benefits and control of shares or other assets, even when legal title is held by someone else such as a broker, custodian or trustee. Investors pay attention because beneficial owners hold the real voting power, receive dividends and can influence strategy and takeover outcomes — like the driver of a car who uses and maintains it while the bank holds the title — so disclosure shows who truly controls and benefits.
exchangeable financial
"The Class B Units are exchangeable, at the holder's option, on a one-for-one basis into shares of Class A Common Stock."
FAQ
What insider transactions did Energy Impact funds report in ERock (EROC) Form 4?
Energy Impact–affiliated funds reported restructuring and sale transactions. One fund received 19,350,897 Class A shares via a merger, while another sold 6,041,206 Class B units to ERock, prompting cancellation of an equal number of Class B common shares.
How much did ERock, Inc. (EROC) pay to repurchase Class B units from insiders?
ERock used approximately $119.9 million of its offering proceeds to buy 6,041,206 Class B units from an Energy Impact–related holder. At the same time, 6,041,206 shares of Class B common stock were cancelled, simplifying the equity structure.
What are the post-transaction holdings reported by Energy Impact entities in ERock (EROC)?
After the disclosed transactions, the reporting Energy Impact entities indirectly held 83,355,210 shares of ERock Class B common stock and 19,350,897 shares of Class A common stock. These positions reflect the merger consideration and the Class B unit repurchase and cancellation.
How do ERock’s Class B units and Class B common stock function for EROC investors?
Each Class B unit corresponds to one share of Class B common stock, which has voting power but no economic value. Class B units are exchangeable one-for-one into Class A shares, and the corresponding Class B common stock is automatically cancelled upon such an exchange.
Was the Energy Impact sale of ERock (EROC) units an open-market trade?
The Form 4 sale of 6,041,206 Class B units was to ERock itself, funded with about $119.9 million of offering proceeds. This issuer repurchase, with matching Class B share cancellation, differs from ordinary open-market selling to third-party investors.