EagleRock Land, LLC announced it has filed to take the company public with an offering of 17.3 million Class A shares that represent limited liability company interests. The filing specifies a proposed price range of $17.00 to $20.00 per share.
The Texas-based entity has applied to list its Class A shares on both the New York Stock Exchange and NYSE Texas, indicating the shares would trade under the symbol "EROK" if the applications are approved. The filing lays out the planned equity structure the company intends to use once the offering is complete.
Under the proposed capital structure, EagleRock will have two classes of equity securities - Class A and Class B. According to the filing, Class B shares will carry voting rights but will not provide any economic rights. Holders of Class B shares will be entitled to one vote per share on matters submitted for shareholder approval.
The filing provides a breakdown of the expected distribution of voting power immediately after the offering: Class A and Class B shares will represent approximately 19.2% and 80.8% of total voting power, respectively. The document also states that existing owners would control roughly 72.8% of total voting power, on the assumption that underwriters do not exercise any option to purchase additional shares.
EagleRock has elected to be treated as a corporation for federal income tax purposes. The filing notes that holders of both classes will generally vote together as a single class on matters presented to shareholders, except where legal requirements or the company’s operating agreement specify otherwise.
The filing provides the company’s stated range for pricing the Class A shares and describes the planned listing venues and ticker. It also explains the mechanics of the dual-class structure, the allocation of voting power after the offering, the controlling position of existing owners under the stated assumption about underwriter options, and the company’s federal tax election.
No additional operational details, financial metrics, timing for pricing or listing, or statements from company representatives were included in the filing excerpt provided.