Kobler Hans 4

What Happened

• Hans Kobler, reported as a 10% owner and a nominee to ERock’s board, was involved in IPO-related reorganizations on June 11, 2026. As part of blocker merger consideration, FT-B (an entity the reporting person may be deemed to beneficially own) received 19,350,897 Class A shares and about $27.8 million in cash. On the same date, 6,041,206 Class B units held by Flagship were repurchased by the issuer (an open-market/private sale/derivative disposition) and an equal number of Class B common shares were cancelled. The Form 4 shows no per-share price (N/A) for these entries.

Key Details

• Transaction date: 2026-06-11; Form 4 filed 2026-06-15.
• Acquired: 19,350,897 Class A shares (via block merger consideration; cash of ~ $27.8M also paid to FT-B).
• Disposed: 6,041,206 Class B units/shares (issuer used ~ $119.9M of IPO proceeds to repurchase these units from Flagship; corresponding Class B common shares cancelled).
• Prices per share: Not reported on the Form 4 (N/A).
• Shares owned after transaction: The filing does not state a single consolidated post-transaction total for the reporting person; FT-B directly holds the 19,350,897 Class A shares and the 6,041,206 Class B units held by Flagship were repurchased/cancelled.
• Footnotes of note: (F2) describes the blocker merger that generated the Class A shares; (F6) notes the issuer’s repurchase of Class B units using IPO proceeds; (F7–F8) explain Class B common stock has no economic value, is one vote per share, and Class B units are exchangeable 1-for-1 into Class A shares.
• Filing timeliness: Filed within a few days of the transaction; not marked late.

Context

• This activity reflects deal-related restructuring tied to ERock’s IPO (blocker merger and repurchase of Class B units), not a standard open-market buy or sell for trading gain. The reporting person is a 10% owner via several related entities; voting and investment decisions are made by an investment committee (per footnotes), so these moves are institutional/transactional in nature rather than individual, discretionary insider trading.