As filed with the Securities and Exchange Commission on January 20, 2026. Registration No. 333-290932 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________ AMENDMENT NO. 1 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ____________________ Colombier Acquisition Corp. III (Exact Name of Registrant as Specified in its Charter) ____________________ | Cayman Islands | 6770 | 98-1880474 | | --- | --- | --- | | (State or Other Jurisdiction of | (Primary ...

Core Viewpoint - 3M Company reported strong earnings and revenue for the fourth quarter, but its stock is under pressure due to disappointing profit forecasts for 2026 [2][6]. Financial Performance - 3M reported earnings per share (EPS) of $1.83, exceeding the estimated $1.81 [2][6]. - The company generated revenue of $6.1 billion, surpassing the estimated $6.008 billion [2][6]. - For the fourth quarter, GAAP sales increased by 2.1% year-over-year to $6.1 billion, while adjusted sales were $6.0 billion with an organic growth of 2.2% [4]. - The adjusted operating margin improved by 140 basis points to 21.1% [4]. - For the full year, GAAP sales reached $24.9 billion, a 1.5% increase from the previous year, and adjusted EPS was $8.06, reflecting a 10% increase [5]. Stock Performance - Despite the earnings beat, 3M's stock is down 3.8% at $161.43, influenced by a broad-market selloff [3]. - The stock has been trading within a narrow range since reaching a three-year peak of $174.69 on December 3, but it has increased by 14.1% year over year [3]. Management Outlook - 3M's Chairman and CEO, William Brown, expressed confidence in the company's ability to outperform the macro environment in 2026, emphasizing a focus on innovation and commercial execution [5].

Core Insights - 3M reported solid fourth-quarter results for 2025, with organic sales growth of 2.2%, an operating margin of 21.1%, and earnings per share of $1.83, alongside a free cash flow conversion exceeding 130% [4][2][6] Financial Performance - The adjusted operating margin increased by 140 basis points to 21.1%, with operating profit rising by $125 million, benefiting from $275 million in volume growth and productivity improvements, partially offset by $50 million in growth investments and $100 million in tariff impacts [2][4] - For the full year 2025, 3M achieved an organic growth of 2.1%, with an adjusted operating margin of 23.4% (up 200 basis points), adjusted EPS of $8.06 (up 10%), and free cash flow conversion slightly above 100% [7][9] Operational Metrics and Innovation - 3M launched 284 new products in 2025, a 68% increase from 2024, with expectations of 350 launches in 2026 [9][10] - Key operational metrics showed on-time in-full delivery (OTIF) above 90% and overall equipment effectiveness (OEE) at approximately 63%, both reflecting significant improvements [11] Segment Performance - The Safety and Industrial segment saw a 3.8% increase in organic sales, driven by growth in safety and industrial adhesives, while the Transportation and Electronics segment reported a 2.4% increase, supported by aerospace and electronics demand [13][14] - The Consumer segment experienced a decline of 2.2% in organic sales due to weaker consumer sentiment and retail traffic, although new products and increased advertising helped mitigate some of the decline [15] 2026 Guidance - Management anticipates approximately 3% organic sales growth for 2026, with adjusted operating margin expansion of 70-80 basis points and EPS projected between $8.50 and $8.70 [6][16] - The company plans to return about $2.5 billion to shareholders through gross share repurchases in 2026 [18] Transformation and Footprint Optimization - 3M ended 2025 with around 108 factories, with plans to consolidate this number to approximately 100 over time as part of its transformation strategy [20]

Core Viewpoint - iShares Morningstar Small-Cap Growth ETF (ISCG) focuses on U.S. small-cap companies with growth characteristics, emphasizing firms with expanding revenues and scalable business models while maintaining sector diversification [1] Group 1: Investment Strategy - The ETF employs a rules-based approach to target higher expected growth while managing concentration and allowing periodic rebalances [1] - It serves as a satellite growth sleeve, a factor-completion tool, or a tactical overlay when growth-oriented cyclicals are favored [1] Group 2: Return Drivers - Key return drivers include exposure to innovation, operating leverage, and sentiment-linked multiples, with higher sensitivity to equity duration and changes in discount rates compared to broad small-cap blends [1] Group 3: User Profile - Typical users include growth-biased allocators and advisors constructing barbell structures that combine value or quality defensives with higher-beta growth [1] Group 4: Market Conditions - The fund benefits from improving earnings trajectories, accessible capital, and stable or easing rate expectations, but may face challenges during rotations toward value or rising rate regimes [1] Group 5: Risk Factors - A significant risk to monitor is elevated valuation sensitivity, which can amplify drawdowns if growth expectations moderate or multiples compress [1]

Core Viewpoint - Amplify BlueStar Israel Technology ETF (ITEQ) offers exposure to Israel's technology ecosystem, focusing on sectors such as cybersecurity, semiconductors, communications equipment, and software and services [1] Group 1: Investment Proposition - ITEQ employs a rules-based approach that emphasizes companies linked to innovation, export markets, and intellectual-property-driven growth [1] - The portfolio typically consists of mid- and large-cap growth companies, which carry significant idiosyncratic risk [1] - Performance drivers include product-cycle strength, global IT spending, and increasing demand for security and data-centric solutions [1] Group 2: Market Challenges - Potential challenges to performance include stronger discount rates, currency fluctuations, and risk-off market conditions [1] - Geopolitical risks and country concentration are specific fund-related risks that can introduce volatility beyond typical sector dynamics [1] Group 3: Target Investors - Suitable investors include international equity allocators seeking differentiated exposure to an innovation hub and thematic investors looking to balance broader technology holdings with a distinct regional profile [1] - ITEQ can serve various portfolio roles, such as a satellite country-technology sleeve for diversification away from U.S. mega-cap tech or a tactical vehicle aligned with innovation cycles [1]

Core Viewpoint - KraneShares MSCI All China Index ETF (KALL) offers extensive access to China's equity market, encompassing both onshore and offshore listings across various sectors, including technology, consumer, financials, industrials, and healthcare [1] Group 1: Investment Strategy - The ETF aims for broad market beta with a cap-weighted approach, allowing for natural adjustments in portfolio composition in response to domestic policy shifts and sector leadership changes [1] - It captures growth driven by urbanization, rising household incomes, innovation, and supply-chain upgrades, while also reflecting evolving corporate governance and capital-market reforms in China [1] Group 2: Return Drivers and Sensitivities - Return drivers are cyclical and sensitive to credit conditions, property activity, export demand, and currency trends [1] - The ETF can serve as a core allocation for China, a satellite in an emerging-markets portfolio, or a specific building block for factor completion [1] Group 3: Suitable Investors - Suitable investors include those using a country-sleeve architecture and global equity managers seeking calibrated exposure to China alongside regional holdings [1] Group 4: Market Conditions - Environments characterized by domestic easing or improving earnings breadth can support the ETF's performance, while broad risk-off episodes or tightening policy may pose challenges [1] - A key risk to monitor is policy and regulatory intervention that can quickly alter sector prospects [1]

Core Viewpoint - KraneShares CICC China 5G & Semiconductor Index ETF (KFVG) offers targeted exposure to China's communications hardware and semiconductor sectors, focusing on innovation and capital expenditure cycles [1] Group 1: Investment Strategy - The ETF employs a transparent, rules-based selection process leading to a concentrated portfolio [1] - It emphasizes sectors involved in design, fabrication, equipment, materials, and network infrastructure [1] - Key return drivers include the intensity of 5G rollout, demand for data centers, and localization efforts in critical components [1] Group 2: Risk Factors - Risks associated with the ETF include inventory cycles, export controls, and rapid technological changes [1] - The portfolio is sensitive to investment cycles and credit conditions, with potential challenges during global slowdowns or tighter financial conditions [1] Group 3: Portfolio Characteristics - The ETF is characterized by a growth and quality style, making it suitable for thematic allocators and long-horizon investors [1] - It can serve as a thematic satellite for technology modernization or as a growth sleeve focused on the hardware stack [1] Group 4: Monitoring Considerations - Investors should monitor concentration and supply-chain cyclicality, as these factors can exacerbate drawdowns during downturns [1]

Core Insights - Clorox Company (CLX) is a prominent player in the consumer staples sector, supported by a portfolio of trusted household brands that cater to everyday consumer needs, demonstrating resilience despite a challenging operating environment marked by cautious consumer spending [1][2] Group 1: Growth Potential - Clorox benefits from a strong brand portfolio, including Clorox, Glad, Kingsford, and Burt's Bees, which have high household penetration and consumer trust, allowing the company to maintain pricing resilience even as consumers become more value-conscious [3] - The successful implementation of a new ERP system is expected to enhance operational efficiency, improve inventory visibility, and support margin recovery over time, despite initial disruptions [4] - Innovation is central to Clorox's growth strategy, with the company focusing on new product introductions and expanding existing platforms to address changing consumer behaviors and regain market share [5] - Clorox's disciplined financial management, including strong cash flow generation and prudent capital allocation, supports its growth outlook and enhances shareholder confidence [6] Group 2: Challenges - Clorox faces near-term sales pressure due to muted category growth and the aftereffects of its ERP system implementation, which led to temporary out-of-stocks and market share losses [7] - The company operates in a competitive environment, particularly in value-sensitive categories, where increased promotional activity from competitors has intensified price competition, potentially limiting short-term share gains [8] - Evolving consumer behavior, with a focus on value amid economic uncertainty, has resulted in negative price/mix dynamics, which may challenge Clorox's ability to drive margin expansion [10] Group 3: Market Performance - Clorox shares have declined by 30.7% over the past year, underperforming the Zacks Consumer Products – Staples industry's decline of 10.7% and the broader Consumer Staples sector's growth of 4.8% [11] - The current forward 12-month price-to-earnings (P/E) ratio for Clorox is 17.51X, which is a modest discount compared to the industry average of 18.36X [14]

Core Insights - The 2026 Global Energy Industry Trend Report identifies ten key trends driven by innovation, efficiency enhancement, security reinforcement, and sustainability in the energy sector [1][11]. Group 1: Key Trends - Green hydrogen emerges as the leading trend with an 18% impact share, leveraging renewable energy for zero-carbon emissions in sectors like power generation and transportation [1][19]. - Cybersecurity follows closely with a 14% impact, addressing digital threats through AI-driven detection and blockchain technology [1][19]. - AI integration accounts for 13% of the trends, optimizing energy management through smart grids and predictive maintenance [1][19]. - The Internet of Energy and microgrids each hold a 12% impact, focusing on distributed energy management and local energy solutions [1][19]. Group 2: Additional Trends - Blockchain technology, with an 11% impact, enhances energy trading transparency and efficiency through smart contracts and peer-to-peer transactions [2][19]. - Energy-as-a-Service (EaaS) represents 7% of the trends, lowering barriers to renewable energy adoption through subscription models [2][19]. - Nuclear power, with a 6% impact, is becoming a significant low-carbon energy source through innovations like small modular reactors [2][19]. - Advanced energy storage and grid resilience, at 5% and 2% respectively, address renewable energy intermittency and enhance supply stability [2][19]. Group 3: Regional Insights - Germany and France lead in startup activity within the energy sector, followed by the United States and the United Kingdom [2][20].

Group 1: Economic Growth and Tourism - Guangdong has seen a significant increase in tourism, with 17.875 million visitors during the New Year holiday, representing a year-on-year growth of 34.8% [1] - The Guangzhou Metro set a new record for daily passenger volume on December 31, 2025, with 14.093 million trips, breaking the national record for subway ridership [1] Group 2: Employment Opportunities - Guangdong is a major employment hub, hosting all 31 manufacturing categories, with 15 of them being the largest in the country [2] - One in every twelve college graduates in China comes to Guangdong for employment [2] Group 3: Economic Output - Guangdong produces one-third of the world's mobile phones and 70% of drones, contributing to a quarter of the national express delivery and over one-third of cross-border e-commerce import and export volume [3] - On average, one in six residents in Guangdong is a business owner [3] Group 4: Technological Advancements - Guangdong leads the nation in artificial intelligence and robotics, with 40% of industrial robots and 80% of service robots being produced in the province [4] - The "Shenzhen-Hong Kong-Guangzhou" innovation cluster ranks globally at the top, with ten major national scientific infrastructure projects being developed [5] Group 5: Infrastructure and Connectivity - Guangdong is the first province in China to have four airports with a passenger capacity of over ten million, with airport passenger throughput exceeding 180 million in 2025 [6] - The Guangdong-Hong Kong-Macao Greater Bay Area is rapidly forming a one-hour living circle, enhancing regional connectivity [6]