Document:

NUMBER	 	 	 	SHARES
	 	 	 	 	 	 

 

ANDINA
ACQUISITION CORP. III

 

INCORPORATED
UNDER THE LAWS OF THE CAYMAN ISLANDS

 

ORDINARY
SHARES

 

SEE
REVERSE FOR

CERTAIN
DEFINITIONS

 

	
        This Certifies that

         

        is the owner of
	 	CUSIP G04415 108

 

FULLY
PAID AND NON-ASSESSABLE ORDINARY SHARES OF THE PAR VALUE OF $0.0001 EACH OF

 

ANDINA
ACQUISITION CORP. III

 

transferable
on the books of the Corporation in person or by duly authorized attorney upon surrender of this certificate properly endorsed.
The Corporation will be forced to liquidate if it is unable to complete a business combination within the period of time as set
forth in the Corporation’s Memorandum and Articles of Association, as the same may be amended from time to time, all as
more fully described in the Corporation’s final prospectus dated _____, 2018.

 

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

Witness the facsimile seal of the Corporation and the facsimile signatures of its duly authorized officers.

 

Dated:

 

	 	 	 
	CHAIRMAN	 	SECRETARY

 

    	 	 	 

    	 

    

 

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 ______
	TEN ENT – 	as tenants by the entireties	                                         (Cust)                    (Minor)
	JT TEN – 	as joint tenants with right of survivorship	                             under Uniform Gifts to Minors
	 	and not as tenants in common	                           Act _________________                    
	 	 	                                       (State)                                     

 

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

 

Andina
Acquisition Corp. III

 

The
Corporation will furnish without charge to each shareholder who so requests the powers, designations, preferences and relative,
participating, optional or other special rights of each class of stock or series thereof of the Corporation 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 Memorandum and Articles of Association and all amendments thereto and resolutions
of the Board of Directors (copies of which may be obtained from the secretary of the
Corporation), to all of which the holder of this certificate by acceptance hereof assents.

 

For
value received, ___________________________ hereby sell, assign and transfer unto

 

	PLEASE
    INSERT SOCIAL SECURITY OR OTHER	 
	IDENTIFYING
    NUMBER OF ASSIGNEE	 
	 	 
	 	 
	 	 
	 	 

 

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

 

of
the capital stock represented by the within Certificate, and do hereby irrevocably constitute and appoint

 

	 	 Attorney
	to
    transfer the said stock on the books of the within named Corporation will 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) 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 S.E.C. RULE 17Ad-15).	 

 

The
holder(s) of this certificate shall be entitled to receive a pro-rata portion of the funds from the trust account only in the
event that (i) the Corporation is forced to liquidate because it does not consummate an initial business combination within the
period of time set forth in the Corporation’s Amended and Restated Memorandum and Articles of Association, as the same may
be amended from time to time (the “Charter”) or (ii) if the holder seeks to convert his shares upon consummation of,
or sell his shares in a tender offer in connection with, an initial business combination or in connection with certain amendments
to the Charter. In no other circumstances shall the holder(s) have any right or interest of any kind in or to the trust account.NUMBER	 	 	 	RIGHTS
	 	 	 	 	 	 
	 	R	 	 	 	 

 

ANDINA
ACQUISITION CORP. III

 

INCORPORATED
UNDER THE LAWS OF THE CAYMAN ISLANDS

 

RIGHT

 

SEE
REVERSE FOR

CERTAIN
DEFINITIONS

 

	
	CUSIP
    G04415132
	This
    Certifies that, for value received	 

 

is
the registered holder of a right or rights (the “Right”) to receive one-tenth of one ordinary share, par value $0.0001
per share (“Ordinary Shares”), of Andina Acquisition Corp. III (the “Company”) for each Right evidenced
by this Right Certificate on the Company’s completion of an initial business combination (as defined in the prospectus relating
to the Company’s initial public offering (“Prospectus”) upon surrender of this Right Certificate pursuant to
the Rights Agreement between the Company and Continental Stock Transfer & Trust Company. In no event will the Company be required
to net cash settle any Right or issue a fractional Ordinary Share.

 

Upon
liquidation of the Company in the event an initial business combination is not consummated during the required period as identified
in the Company’s Amended and Restated Memorandum and Articles of Association, as the same may be amended from time to time,
the Right(s) shall expire and be worthless. The holder of a Right shall have no right or interest of any kind in the Company’s
trust account (as defined in the Prospectus).

 

Upon
due presentment for registration of transfer of the Right Certificate at the office or agency of Continental Stock Transfer &
Trust Company, the Right Agent, a new Right Certificate or Right Certificates of like tenor and evidencing in the aggregate a
like number of Rights shall be issued to the transferee in exchange for this Right Certificate, without charge except for any
applicable tax or other governmental charge.

 

The
Company and the Right Agent may deem and treat the registered holder as the absolute owner of this Right Certificate (notwithstanding
any notation of ownership or other writing hereon made by anyone), for the purpose of any conversion hereof, of any distribution
to the registered holder, and for all other purposes, and neither the Company nor the Right Agent shall be affected by any notice
to the contrary.

 

Holders
of Rights are not entitled to any of the rights of a shareholder of the Company.

 

Dated:

 

	 	 	 
	CHAIRMAN	 	SECRETARY

 

    	 	 	 

    	 

    

 

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 ______
	TEN ENT – 	as tenants by the entireties	                                          (Cust)                   (Minor)
	JT TEN – 	as joint tenants with right of survivorship	                             under Uniform Gifts to Minors
	 	and not as tenants in common	                            Act _________________                         
	 	 	                                                 (State)                                     

 

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

 

Andina
Acquisitions Corp. III

 

The
Company will furnish without charge to each shareholder who so requests the powers, designations, preferences and relative, participating,
optional or other special rights of each class of shares or series thereof of the Company and the qualifications, limitations,
or restrictions of such preferences and/or rights. This certificate and the rights represented thereby are issued and shall be
held subject to all the provisions of the Rights Agreement, and all amendments thereto, to all of which the holder of this certificate
by acceptance hereof assents.

 

For
value received, ___________________________ hereby sell, assign and transfer unto

 

	PLEASE
    INSERT SOCIAL SECURITY OR OTHER	 
	IDENTIFYING
    NUMBER OF ASSIGNEE	 
	 	 
	 	 
	 	 
	 	 

 

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

Rights
represented by the within Certificate, and do hereby irrevocably constitute and appoint

 

	 	Attorney
	to
    transfer the said Rights on the books of the within named Company will 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) 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 S.E.C. RULE 17Ad-15).	 

 

The
holder of this certificate shall have no right or interest of any kind in or to the funds held in the Company’s trust account
(as defined in the Prospectus).NUMBER

        ________-
	 	(SEE
        REVERSE SIDE FOR LEGEND)

        THIS
        WARRANT WILL BE VOID IF NOT EXERCISED PRIOR TO THE EXPIRATION DATE (DEFINED BELOW)
	 	WARRANTS

 

ANDINA
ACQUISITION CORP. III

 

CUSIP
G04415 124

 

WARRANT

 

THIS
CERTIFIES THAT, for value received is the registered holder of a warrant or warrants (the “Warrant(s)”) to
purchase one fully paid and non-assessable ordinary share, par value $0.0001 per share (“Ordinary Shares”), of
Andina Acquisition Corp. III, a Cayman Islands exempted company (the “Company”), expiring at 5:00 p.m., New York
City time, on the five year anniversary (the “Expiration Date”) of the completion by the Company of a merger,
share exchange, asset acquisition, share purchase, reorganization or other similar business combination with one or more
businesses or entities (a “Business Combination”). The Warrant entitles the holder thereof to purchase from the
Company, commencing on the later of (i) the Company’s completion of a Business Combination and (ii) ______________,
2019, such number of Ordinary Shares of the Company at the price of $11.50 per share, upon surrender of this Warrant
Certificate and payment of the Warrant Price at the office or agency of the Warrant Agent, Continental Stock Transfer &
Trust Company, but only subject to the conditions set forth herein and in the Warrant Agreement between the Company and
Continental Stock Transfer & Trust Company. In no event will the Company be required to net cash settle the warrant
exercise. The Warrant Agreement provides that upon the occurrence of certain events the Warrant Price and the number of
Ordinary Shares purchasable hereunder, set forth on the face hereof, may, subject to certain conditions, be adjusted. The
term Warrant Price as used in this Warrant Certificate refers to the price per share at which Ordinary Shares may be
purchased at the time the Warrant is exercised.

 

No
fraction of a share will be issued upon any exercise of a Warrant. If the holder of a Warrant would be entitled to receive a fraction
of a share upon any exercise of a Warrant, the Company shall, upon such exercise, round up to the nearest whole number the number
of Ordinary Shares to be issued to such holder.

 

Upon
any exercise of the Warrant for less than the total number of full Ordinary Shares provided for herein, there shall be issued
to the registered holder hereof or the registered holder’s assignee a new Warrant Certificate covering the number of Ordinary
Shares for which the Warrant has not been exercised.

 

Warrant
Certificates, when surrendered at the office or agency of the Warrant Agent by the registered holder hereof in person or by 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 and evidencing in
the aggregate a like number of Warrants.

 

Upon
due presentment for registration of transfer of the Warrant Certificate at the office or agency 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 in exchange for this Warrant Certificate, subject to the limitations provided in the Warrant Agreement, without
charge except for any applicable tax or other governmental charge.

 

The
Company and the Warrant Agent may deem and treat the registered holder as the absolute owner 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 registered holder, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice
to the contrary.

 

This
Warrant does not entitle the registered holder to any of the rights of a shareholder of the Company.

 

The
Company reserves the right to call the Warrant at any time prior to its exercise, with a notice of call in writing to the holders
of record of the Warrant, giving 30 days’ notice of such call at any time after the Warrant becomes exercisable if the last
sale price of the Ordinary Shares has been at least $18.00 per share on each of 20 trading days within any 30 trading day period
ending on the third business day prior to the date on which notice of such call is given, if, and only if, there is a current
registration statement in effect with respect to the Ordinary Shares underlying the Warrant. The call price of the Warrants is
to be $.01 per Warrant. Any Warrant either not exercised or tendered back to the Company by the end of the date specified in the
notice of call shall be canceled on the books of the Company and have no further value except for the $0.01 call price.

 

	By	 	 	 
	 	 	 	 
	 	Secretary	 	Chairman
    of the Board

 

    	 

     

    

 

SUBSCRIPTION
FORM

To
Be Executed by the Registered Holder in Order to Exercise Warrants

 

The
undersigned Registered Holder irrevocably elects to exercise ______________ Warrants represented by this Warrant Certificate,
and to purchase the Ordinary Shares issuable upon the exercise of such Warrants, and requests that Certificates for such shares
shall be issued in the name of

 

 

 

(PLEASE TYPE OR PRINT NAME AND ADDRESS)

 

 

 

 

 

 

 

 

(SOCIAL SECURITY OR TAX IDENTIFICATION NUMBER)

 

	and be delivered to	

 

(PLEASE
PRINT OR TYPE NAME AND ADDRESS)

 

 

and,
if such number of Warrants shall not be all the Warrants evidenced by this Warrant Certificate, that a new Warrant Certificate
for the balance of such Warrants be registered in the name of, and delivered to, the Registered Holder at the address stated below:

 

	Dated:
    	 	 	 
	 	 	 	(SIGNATURE)
	 	 	 	 
	 	 	 	(ADDRESS)
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	(TAX
    IDENTIFICATION NUMBER)

 

ASSIGNMENT

 

To
Be Executed by the Registered Holder in Order to Assign Warrants

 

For
Value Received, _______________________ hereby sell, assign, and transfer unto

 

 

 

(PLEASE TYPE OR PRINT NAME AND ADDRESS)

 

 

 

 

 

 

 

 

(SOCIAL SECURITY OR TAX IDENTIFICATION NUMBER)

 

	and be delivered to	 

(PLEASE
PRINT OR TYPE NAME AND ADDRESS)

 

______________________
of the Warrants represented by this Warrant Certificate, and hereby irrevocably constitute and appoint _________________________________
Attorney to transfer this Warrant Certificate on the books of the Company, with full power of substitution in the premises.

 

	Dated:	 	 	 
	 	 	 	(SIGNATURE)

 

The
signature to the assignment of the Subscription Form must correspond to the name written upon the face of this Warrant Certificate
in every particular, without alteration or enlargement or any change whatsoever, and must be guaranteed by a commercial bank or
trust company or a member firm of the American Stock Exchange, New York Stock Exchange, Pacific Stock Exchange or Chicago Stock
Exchange.

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