Document:

Exhibit 4.1

 

	
    NUMBER

    U-__________
	 	UNITS
	 	 	 
	SEE REVERSE FOR

CERTAIN DEFINITIONS	PHOENIX ACQUISITION LIMITED	 

 

CUSIP G7061N 111

 

UNITS CONSISTING OF ONE ORDINARY
SHARE AND THREE QUARTERS OF ONE WARRANT

 

THIS CERTIFIES THAT ________________________________________________________________________________________________

 

is the owner of ________________________________________________________________________________________________
Units.

 

Each Unit (“Unit”) consists of one
ordinary share, par value $0.0001 per share, of Phoenix Acquisition Limited, a British Virgin Islands company (the “Company”)
and three-quarters of one redeemable warrant (“Warrant”). Each whole redeemable Warrant entitles the holder thereof to purchase
one ordinary share at a price of $11.50 per full share (subject to adjustment), upon the later to occur of (i) 30 days after the Company’s
completion of a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or other similar business
combination with one or more businesses or entities (a “Business Combination”) or (ii) 12 months from the date that the registration
statement is declared effective by the Securities and Exchange Commission (the “SEC”) (or up to 18 months from the date that
the registration statement is declared effective by the SEC if the Company extends the period of time to consummate a business combination).
The ordinary shares and Warrants comprising the Units represented by this certificate are not transferable separately prior to the 52nd
day after the date of the prospectus relating to the Company’s initial public offering, unless Ladenburg Thalmann & Co. Inc.
(“Ladenburg”) as the representative of the underwriters, determines that an earlier date is acceptable, but in no event will
the ordinary shares and Warrants be traded separately until the Company files with the Securities and Exchange Commission (the “SEC”)
a current report on Form 8-K which includes an audited balance sheet reflecting the receipt by the Company of the gross proceeds from
its initial public offering including the proceeds received by the Company from the exercise of the over-allotment option thereto, if
the over-allotment option is exercised. If the over-allotment option is exercised after the date of the prospectus, we will file an amendment
to the Form 8-K or a new Form 8-K to provide updated financial information to reflect the exercise of the over-allotment option. We will
also include in the Form 8-K, or amendment thereto, or in a subsequent Form 8-K, information indicating if the underwriters has allowed
separate trading of the ordinary shares and Warrant prior to the 52nd day after the date of the prospectus.

 

The terms of the Warrants are governed by a warrant
agreement (the “Warrant Agreement”), dated as of [     ], 2022, between the Company and Continental Stock
Transfer & Trust Company, as the warrant agent, and are subject to the terms and provisions contained therein, all of which terms
and provisions the holder of this certificate consents to by acceptance hereof. Copies of the Warrant Agreement are on file at the office
of Continental Stock Transfer & Trust Company at 6201 15th Avenue, Brooklyn, New York, NY 11219, and are available to any Warrant
Holder, on written request and without cost.

 

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

 

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

 

     

     

    

 

This Unit Certificate shall be governed and construed
in accordance with the internal laws of the State of New York, without regard to conflicts of laws principles thereof.

 

[Seal]

 

By

 

	 	 	 
	Chairman	 	Chief Financial Officer

  

 

PHOENIX ACQUISITION LIMITED

 

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 shares or series thereof of the Company and the qualifications, limitations, or restrictions
of such preferences and/or rights.

 

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 ‿o:p>	as tenants in common	UNIF GIFT MIN ACT - _____ Custodian ______
	TEN ENT ‿o:p>	as tenants by the entireties	           (Cust)                  (Minor)
	JT TEN ‿o:p>	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.

   

For value received, ___________________________
hereby sell(s), assign(s) and transfer(s) unto

 

PLEASE INSERT SOCIAL SECURITY OR OTHER

IDENTIFYING NUMBER OF ASSIGNEE(S)

 

	
      

     
	 	 

 

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

 

	 	 Units

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

 

	 	 Attorney

to transfer the said Units on the books of
the within named Company with full power of substitution in the premises.

 

	Dated 	 	 

 

    2

     

    

 

	 	 	 
	 	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 be entitled
to receive funds with respect to the underlying ordinary shares from the trust fund only in the event of the Company’s liquidation
upon failure to consummate a business combination or if the holder seeks to convert his or her respective ordinary shares underlying the
unit upon consummation of such business combination or in connection with certain amendments to the Company’s Amended and Restated
Memorandum and Articles of Association. In no other circumstances shall the holder have any right or interest of any kind in or to the
trust fund.

 

 

3Exhibit 4.3

 

	
    NUMBER

    ________-
	 	
    (SEE REVERSE SIDE FOR LEGEND)

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

 

PHOENIX ACQUISITION LIMITED

CUSIP G7061N 129

WARRANT

 

THIS CERTIFIES THAT,
for value received is the registered holder of a warrant or warrants (the “Warrant”) of Phoenix Acquisition
Limited, a British Virgin Islands exempted company with limited liability (the “Company”), expiring at 5:00 p.m.,
New York City time, on the five year anniversary of the Company’s completion of an initial business combination, capital share
exchange, asset acquisition, or other similar business combination with one or more businesses or entities (a “Business
Combination”), or earlier upon redemption or liquidation, to purchase one fully paid and non-assessable ordinary share,
par value US$0.0001 per share (“Shares”), of the Company for each Warrant evidenced by this Warrant Certificate.
The Warrant entitles the holder thereof to purchase from the Company, commencing the later of 30 days after the Company’s
completion of an initial Business Combination or 12 months from the date the prospectus is declared effective the SEC (or up to 18
months from the date that the registration statement is declared effective by the SEC if the Company extends the period of time to
consummate a business combination), such number of Shares of the Company at the Warrant Price (as defined below), upon surrender of
this Warrant Certificate and payment of the Warrant Price at the office or agency of Continental Stock Transfer & Trust Company
(the “Warrant Agent”), 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 any
warrant exercise. The Warrant Agreement provides that upon the occurrence of certain events the Warrant Price and the number of
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 Shares may be
purchased at the time the Warrant is exercised. The initial Warrant Price per Ordinary Share for any Warrant is equal to $11.50 per
share.

 

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 down to the nearest whole number the number of Shares to be issued to such
holder.

 

Upon any exercise of the
Warrant for less than the total number of full 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 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 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 at least 30 days’ notice of such call, at any time while the Warrant is exercisable, if the last sale price of the Shares
has been at least $18.00 per share (the “Redemption Trigger Price”) on each of 20 trading days within any 30 trading day period
(the “30-day trading period”) ending on the third business day prior to the date on which notice of such call is given
and if, and only if, there is a current registration statement in effect with respect to the Shares underlying the Warrants for the entire
30-day trading period and continuing each day thereafter until the date of redemption. The call price of the Warrants is to be $0.01 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	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	President	 	 	Secretary

 

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)

 

    2

     

    

 

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 NYSE American,
Nasdaq, New York Stock Exchange, Pacific Stock Exchange, or Chicago Stock Exchange.

 

 

3

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