Exhibit 4.4

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

NEW ICELAND ARCTIC ACQUISITION CORP.

CUSIP [●]

WARRANT

THIS CERTIFIES THAT, for value received __________________, is the registered holder of a warrant or warrants (the “Warrant(s)”) of New Iceland Arctic Acquisition Corp., a Cayman Islands exempted company (the “Company”), expiring at 5:00 p.m., New York City time, on the earliest to occur of (x) the date that is five (5) years after the date on which the Company completes an initial merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination involving the Company and one or more businesses (a “Business Combination”), (y) the liquidation of the Company if the Company fails to complete a Business Combination, and (z) other than with respect to Private Placement Warrants (as defined in the Warrant Agreement), the Redemption Date (as defined in the Warrant Agreement) (such earliest date, the “Expiration Date”), to purchase one fully paid and non-assessable Class A ordinary share, par value $0.0001 (each an “Ordinary Share”), of the Company for each Warrant evidenced by this Warrant Certificate.

The Warrant entitles the holder thereof to purchase from the Company, commencing on the later of the date which the Company completes an initial Business Combination and 12 months after the closing of the Public Offering (as defined in the Warrant Agreement), such number of Ordinary 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. Notwithstanding the foregoing, if a registration statement covering the Ordinary Shares issuable upon exercise of the Public Warrants has not been declared effective by the sixtieth (60th) day following the closing of the Business Combination, holders of the Warrants shall have the right, during the period beginning on the sixty-first (61st) day after the closing of the Business Combination and ending upon such registration statement being declared effective, and during any other period when the Company shall fail to have maintained an effective registration statement covering the Ordinary Shares issuable upon exercise of the Warrants, to exercise such Warrants on a “cashless basis” as described in Section 7.4 of the Warrant Agreement. The term “Warrant Price” as used in this Warrant Certificate refers to the price per Ordinary Share at which Ordinary Shares may be purchased at the time the Warrant is exercised. The initial Warrant Price per Ordinary Share is equal to $11.50 per share. The Warrant Agreement provides that upon the occurrence of certain events the Warrant Price, the Redemption Trigger Price (defined below) and the number of Ordinary Shares purchasable hereunder, set forth on the face hereof, may, subject to certain conditions, be adjusted.

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

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 exercise of this Warrant is subject to the provisions of the Warrant Agreement, pursuant to which a holder may elect to be subject to a 9.9% beneficial ownership limitation on exercise.

The Company reserves the right to call the Warrant at any time prior to its exercise with a notice of redemption which shall be mailed by first class mail, postage prepaid, by the Company not less than thirty (30) days prior to the Redemption Date to the registered holders of the Warrants to be redeemed at their last addresses as they shall appear on the registration books. The Company reserves the right to call the Warrant at any time while the Warrant is exercisable, if the last sale price of the Ordinary Shares has been at least $16.50 per share (subject to adjustment in accordance with Section 4 of the Warrant Agreement) (the “Redemption Trigger Price”) on each of 20 trading days within any 30 day trading period (the “30 day trading period”) commencing after the Warrants become exercisable and ending on the third trading day prior to the date on which notice of redemption is given if, and only if, there is an effective registration statement covering the issuance of the Ordinary Shares issuable upon exercise of the Warrants, and a current prospectus relating thereto, available throughout the 30 day trading period or the Company has elected to require the exercise of the Warrants on a cashless basis pursuant to subsection 3.3.1(b) of the Warrant Agreement. The call price of the Warrants is to be $0.01 per Warrant. Notwithstanding the foregoing, if and when the Warrants become redeemable by the Company, the Company may not exercise such redemption right if the issuance of Ordinary Shares upon exercise of the Warrants is not exempt from registration or qualification under applicable state blue sky laws or the Company is unable to effect such registration or qualification.

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 the register of members of the Company be updated to reflect the issuance of such Ordinary Shares and Certificates for such shares shall be issued in the name of

ASSIGNMENT

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

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

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.