Document:

Exhibit 4.2

   

  [●]

   

  	NUMBER	SHARES
	C-	 

   

  SEE REVERSE FOR CERTAIN DEFINITIONS

   

  CUSIP 

   

  ION ACQUISITION CORP 1 LTD.

   

  CLASS A ORDINARY SHARES

   

  THIS CERTIFIES THAT
                  is the owner of                 
    Class A ordinary shares, par value $0.0001 per share (each, a “Class A Ordinary Share”), of ION Acquisition
    Corp 1 Ltd., a Cayman Islands exempted company (the “Company”), transferable on the books of the Company
    in person or by duly authorized attorney upon surrender of this certificate properly endorsed.

   

  This certificate is not valid
    unless countersigned by the Transfer Agent and registered by the Registrar of the Company.

   

  Witness the facsimile
    signature of a duly authorized signatory of the Company.

   

  	Authorized Signatory 	 	Transfer Agent
	 	 	 

   

  
  
     

  

  
     

  

  
   

  ION Acquisition Corp 1 Ltd.

   

  The Company will furnish
    without charge to each shareholder who so requests, a statement of the powers, designations, preferences and relative, participating,
    optional or other special rights of each class of equity or series thereof of the Company and the qualifications, limitations,
    or restrictions of such preferences and/or rights. This certificate and the shares represented thereby are issued and shall be
    held subject to all the provisions of the Amended and Restated Memorandum and Articles of Association of the Company and all amendments
    thereto and resolutions of the Board of Directors providing for the issue of securities (copies of which may be obtained from the
    secretary of the Company), to all of which the holder of this certificate by acceptance hereof assents.

   

  The following abbreviations,
    when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according
    to applicable laws or regulations:

   

  	TEN COM	—    	as tenants in common	 	UNIF GIFT MIN ACT	—   	___________ Custodian _________
	 	 	 	 	 	 	      (Cust)                             (Minor)
	TEN ENT	—  	as tenants by the entireties	 	 	 	 
	 	 	 	 	 	 	Under Uniform Gifts to Minors Act
	JT TEN	—  	as joint tenants with right of survivorship and not as tenants in common	 	 	 	
          _____________________________

          (State)

        

   

  Additional abbreviations may also be used
    though not in the above list.

   

  For value received,                       
    hereby sells, assigns and transfers unto

   

  (PLEASE INSERT SOCIAL SECURITY OR OTHER
    IDENTIFYING NUMBER(S) OF ASSIGNEE(S))

   

  (PLEASE PRINT OR TYPEWRITE NAME(S) AND ADDRESS(ES),
    INCLUDING ZIP CODE, OF ASSIGNEE(S))

   

  Class A Ordinary
      Shares represented by the within certificate, and do hereby irrevocably constitute and appoint
               Attorney to transfer the said Class A Ordinary Shares on the books of the
      within named Company with full power of substitution in the premises.

   

  Dated 

   

  	 	 	 
	 	Notice: 	The signature to this assignment must correspond with the name as written upon the face of the certificate in every particular, without alteration or enlargement or any change whatever.

   

  	Signature(s) Guaranteed:	 
	 	 
	THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE
            GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15 UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED (OR ANY SUCCESSOR RULE)). 	 

   

  As more fully described
    in, and subject to the terms and conditions described in, the Company’s final prospectus for its initial public offering
    dated          , the holder(s) of this certificate shall be entitled to receive a
    pro-rata portion of certain funds held in the trust account established in connection with the Company’s initial public offering
    in the event that (i) the Company redeems the Class A Ordinary Shares sold in its initial public offering and liquidates because
    it does not consummate an initial business combination within the time period set forth in the Company’s Amended and Restated
    Memorandum and Articles of Association, as the same may be amended from time to time, or (ii) if the holder(s) properly redeem
    for cash his, her or its respective Class A Ordinary Shares represented by this certificate in connection with (x) a tender offer
    (or proxy solicitation, solely in the event the Company seeks shareholder approval of the proposed initial business combination)
    setting forth the details of a proposed initial business combination or (y) a shareholder vote to amend the Company’s Amended
    and Restated Memorandum and Articles of Association (A) to modify the substance or timing of the Company’s obligation to
    allow redemption in connection with the Company’s initial business combination or to redeem 100% of the Class A Ordinary
    Shares if it does not consummate an initial business combination within the time set forth in the Company’s Amended and Restated
    Memorandum and Articles of Association, as the same may be amended from time to time or (B) with respect to any other material
    provisions relating to shareholders’ rights or pre-initial Business Combination activity. In no other circumstances shall
    the holder(s) have any right or interest of any kind in or to the trust account.Exhibit 4.3

   

  [Form of Warrant Certificate]

   

  [FACE]

   

  Number

   

  Warrants

   

  THIS WARRANT SHALL BE VOID IF NOT EXERCISED
      PRIOR TO

      THE EXPIRATION OF THE EXERCISE PERIOD PROVIDED FOR IN THE

      WARRANT AGREEMENT DESCRIBED BELOW

   

  ION ACQUISITION CORP 1 LTD.

  Incorporated Under the Laws of the Cayman
      Islands

   

  CUSIP

   

  Warrant Certificate

   

  This Warrant Certificate
      certifies that         , or registered assigns, is the registered holder of       
    warrants evidenced hereby (the “Warrants” and each, a “Warrant”) to purchase Class A Ordinary
    Shares, $0.0001 par value per share (the “Ordinary Shares”), of ION Acquisition Corp 1 Ltd., a Cayman Islands
    exempted company (the “Company”). Each Warrant entitles the holder, upon exercise during the Exercise Period
    set forth in the Warrant Agreement referred to below, to receive from the Company that number of fully paid and non-assessable
    Ordinary Shares as set forth below, at the exercise price (the “Warrant Price”) as determined pursuant to the
    Warrant Agreement, payable in lawful money (or through “cashless exercise” as provided for in the Warrant Agreement)
    of the United States of America upon surrender of this Warrant Certificate and payment of the Warrant Price at the office or agency
    of the Warrant Agent referred to below, subject to the conditions set forth herein and in the Warrant Agreement. Defined terms
    used in this Warrant Certificate but not defined herein shall have the meanings given to them in the Warrant Agreement.

   

  Each whole Warrant
    is initially exercisable for one fully paid and non-assessable Ordinary Share. No fractional shares will be issued upon exercise
    of any Warrant. If, upon the exercise of Warrants, a holder would be entitled to receive a fractional interest in an Ordinary Share,
    the Company will, upon exercise, round down to the nearest whole number the number of Ordinary Shares to be issued to the Warrant
    holder. The number of Ordinary Shares issuable upon exercise of the Warrants is subject to adjustment upon the occurrence of certain
    events set forth in the Warrant Agreement.

   

  The initial Warrant
    Price per Ordinary Share for any Warrant is equal to $11.50 per share. The Warrant Price is subject to adjustment upon the occurrence
    of certain events set forth in the Warrant Agreement.

   

  Subject to the conditions
    set forth in the Warrant Agreement, the Warrants may be exercised only during the Exercise Period and to the extent not exercised
    by the end of such Exercise Period, such Warrants shall become void.

   

  Reference is hereby
    made to the further provisions of this Warrant Certificate set forth on the reverse hereof and such further provisions shall for
    all purposes have the same effect as though fully set forth at this place.

   

  This Warrant Certificate
    shall not be valid unless countersigned by the Warrant Agent, as such term is used in the Warrant Agreement.

   

  This Warrant Certificate
    shall be governed by and construed in accordance with the internal laws of the State of New York.

   

  
  
     

  

  
     

  

  
   

  	 	ION ACQUISITION CORP 1 LTD.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST
	 	COMPANY as Warrant Agent
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

   

  
  
    2

  

  
     

  

  
   

  [Form of Warrant Certificate]

   

  [Reverse]

   

  The Warrants evidenced
    by this Warrant Certificate are part of a duly authorized issue of Warrants entitling the holder on exercise to receive Ordinary
    Shares and are issued or to be issued pursuant to a Warrant Agreement dated as of [ ] (the “Warrant Agreement”),
    duly executed and delivered by the Company to Continental Stock Transfer & Trust Company, a New York corporation, as warrant
    agent (the “Warrant Agent”), which Warrant Agreement is hereby incorporated by reference in and made a part
    of this instrument and is hereby referred to for a description of the rights, limitation of rights, obligations, duties and immunities
    thereunder of the Warrant Agent, the Company and the holders (the words “holders” or “holder”
    meaning the Registered Holders or Registered Holder, respectively) of the Warrants. A copy of the Warrant Agreement may be obtained
    by the holder hereof upon written request to the Company. Defined terms used in this Warrant Certificate but not defined herein
    shall have the meanings given to them in the Warrant Agreement.

   

  Warrants may be exercised
    at any time during the Exercise Period set forth in the Warrant Agreement. The holder of Warrants evidenced by this Warrant Certificate
    may exercise them by surrendering this Warrant Certificate, with the form of election to purchase set forth hereon properly completed
    and executed, together with payment of the Warrant Price as specified in the Warrant Agreement (or through “cashless exercise”
    as provided for in the Warrant Agreement) at the principal corporate trust office of the Warrant Agent. In the event that upon
    any exercise of Warrants evidenced hereby the number of Warrants exercised shall be less than the total number of Warrants evidenced
    hereby, there shall be issued to the holder hereof or his, her or its assignee, a new Warrant Certificate evidencing the number
    of Warrants not exercised.

   

  Notwithstanding anything
    else in this Warrant Certificate or the Warrant Agreement, no Warrant may be exercised unless at the time of exercise (i) a registration
    statement covering the Ordinary Shares to be issued upon exercise is effective under the Securities Act of 1933, as amended, and
    (ii) a prospectus thereunder relating to the Ordinary Shares is current, except through “cashless exercise” as provided
    for in the Warrant Agreement.

   

  The Warrant Agreement
    provides that upon the occurrence of certain events the number of Ordinary Shares issuable upon the exercise of the Warrants set
    forth on the face hereof may, subject to certain conditions, be adjusted. If, upon exercise of a Warrant, the holder thereof would
    be entitled to receive a fractional interest in an Ordinary Share, the Company shall, upon exercise, round down to the nearest
    whole number of Ordinary Shares to be issued to the holder of the Warrant.

   

  Warrant Certificates,
    when surrendered at the principal corporate trust office of the Warrant Agent by the Registered Holder thereof in person or by
    legal representative or attorney duly authorized in writing, may be exchanged, in the manner and subject to the limitations provided
    in the Warrant Agreement, but without payment of any service charge, for another Warrant Certificate or Warrant Certificates of
    like tenor evidencing in the aggregate a like number of Warrants.

   

  Upon due presentation
    for registration of transfer of this Warrant Certificate at the office of the Warrant Agent, a new Warrant Certificate or Warrant
    Certificates of like tenor and evidencing in the aggregate a like number of Warrants shall be issued to the transferee(s) in exchange
    for this Warrant Certificate, subject to the limitations provided in the Warrant Agreement, without charge except for any tax or
    other governmental charge imposed in connection therewith.

   

  The Company and the
    Warrant Agent may deem and treat the Registered Holder(s) hereof as the absolute owner(s) of this Warrant Certificate (notwithstanding
    any notation of ownership or other writing hereon made by anyone), for the purpose of any exercise hereof, of any distribution
    to the holder(s) hereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice
    to the contrary. Neither the Warrants nor this Warrant Certificate entitles any holder hereof to any rights of a shareholder of
    the Company.

   

  
  
    3

  

  
     

  

  
   

  Election to Purchase

   

  (To Be Executed Upon Exercise of Warrant)

   

  The undersigned hereby
    irrevocably elects to exercise the right, represented by this Warrant Certificate, to receive ______________ Ordinary Shares and
    herewith tenders payment for such Ordinary Shares to the order of ION Acquisition Corp 1 Ltd. (the “Company”)
    in the amount of $           in accordance with the terms hereof. The undersigned
    requests that a certificate for such Ordinary Shares be registered in the name of            whose
    address is                  and that such
    Ordinary Shares be delivered to                   
    whose address is                 . If said number
    of shares is less than all of the Ordinary Shares purchasable hereunder, the undersigned requests that a new Warrant Certificate
    representing the remaining balance of such Ordinary Shares be registered in the name of                  ,
    whose address is             and that such Warrant Certificate be delivered
    to            , whose address is                
    .

   

  In the event that the
    Warrant has been called for redemption by the Company pursuant to Section 6 of the Warrant Agreement and the Company has
    required cashless exercise pursuant to Section 6.3 of the Warrant Agreement, the number of Ordinary Shares that this Warrant
    is exercisable for shall be determined in accordance with subsection 3.3.1(b) and Section 6.3 of the Warrant Agreement.

   

  In the event that the
    Warrant is a Private Placement Warrant that is to be exercised on a “cashless” basis pursuant to subsection 3.3.1(c)
    of the Warrant Agreement, the number of Ordinary Shares that this Warrant is exercisable for shall be determined in accordance
    with subsection 3.3.1(c) of the Warrant Agreement.

   

  In the event that the
    Warrant is to be exercised on a “cashless” basis pursuant to Section 7.4 of the Warrant Agreement, the number
    of Ordinary Shares that this Warrant is exercisable for shall be determined in accordance with Section 7.4 of the Warrant
    Agreement.

   

  In the event that the
    Warrant may be exercised, to the extent allowed by the Warrant Agreement, through cashless exercise (i) the number of Ordinary
    Shares that this Warrant is exercisable for would be determined in accordance with the relevant section of the Warrant Agreement
    which allows for such cashless exercise and (ii) the holder hereof shall complete the following: The undersigned hereby irrevocably
    elects to exercise the right, represented by this Warrant Certificate, through the cashless exercise provisions of the Warrant
    Agreement, to receive Ordinary Shares. If said number of shares is less than all of the Ordinary Shares purchasable hereunder (after
    giving effect to the cashless exercise), the undersigned requests that a new Warrant Certificate representing the remaining balance
    of such Ordinary Shares be registered in the name of              ,
    whose address is                 and that such
    Warrant Certificate be delivered to                ,
    whose address is               .

   

  [Signature Page Follows]

   

  
  
    4

  

  
     

  

  
   

  	Date:                          ,           	 
	 	(Signature)
	 	 
	 	 
	 	(Address)
	 	 
	 	
	 	(Tax Identification Number)

   

  	Signature Guaranteed:	 
	 	 
	 	 

   

  THE SIGNATURE(S) SHOULD BE GUARANTEED BY
    AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED
    SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO SEC RULE 17Ad-15 UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED (OR ANY
    SUCCESSOR RULE). 

   

   

  5

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