The Icelandic ultra-low-cost carrier disrupted the transatlantic market by offering flights between North America and Europe for as little as £99, or $128, each way with a stop in Reykjavik.
Wow Air began flying in 2012 and expanded to North America in 2015.
"One of the mistakes that I made, that Wow made in the last 18 months, was that we were moving away from the low-cost model," Mogensen told Business Insider in 2019. "Most significantly we made our fleet structure unnecessarily complex with the addition of the wide-body A330 to our fleet."