Exhibit 99.1

ION Acquisition Corp 3 Ltd. Announces Pricing of $220 Million Initial Public Offering

April 29, 2021 – New York, NY – ION Acquisition Corp 3 Ltd. (the “Company”) announced today the pricing of its initial public offering of 22,000,000 Class A ordinary shares at a price of $10.00 per ordinary share (the “Shares”). The Shares will be listed on The New York Stock Exchange and trade under the ticker symbol “IACC” beginning on April 30, 2021. The offering is expected to close on May 4, 2021.

The Company is a blank check company incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue a business combination target in any business or industry, the Company intends to focus on the rapidly growing universe of Israeli companies and entrepreneurs that apply technology and innovation to our everyday lives. The Company is sponsored by ION Holdings 3, LP, an affiliate of ION Asset Management Ltd.

Morgan Stanley & Co. LLC and Goldman Sachs & Co. LLC are serving as joint book-running managers for the offering. AmeriVet Securities is acting as co-manager for the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 3,300,000 Shares at the initial public offering price to cover over-allotments, if any.

The offering is being made only by means of a prospectus. When available, copies of the prospectus relating to this offering may be obtained from: Morgan Stanley & Co. LLC, Attn: Prospectus Department, 180 Varick Street, Second Floor, New York, New York 10014, or Goldman Sachs & Co. LLC, Attn: Prospectus Department, 200 West Street, New York, New York 10282, by telephone: 866-471-2526 or email: prospectus-ny@ny.email.gs.com.

A registration statement relating to these securities became effective on April 29, 2021. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Cautionary Note Concerning Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the initial public offering and search for an initial business combination. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement for the initial public offering filed with the U.S. Securities and Exchange Commission (the “SEC”). Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Contact

ION Acquisition Corp 3 Ltd.

Avrom Gilbert

avrom@ion-am.com