USAerospace Associates has taken over the airline, which ceased operations in March.

Chief executive Michele Ballarin said flights between Icelandic capital Reykjavik and Washington DC would resume in October.

Speaking at a press conference late last week, Ballarin confirmed the business had come to an agreement with Wow Air’s representatives.

USAerospace Associates will take just shy of a 50% stake, with investors in Iceland holding the rest of the capital to comply with EU airline ownership rules.

Ballarin said Wow would be based at Dulles airport in Washington, with a presence at Keflavik airport in Iceland and in Reykjavik.

Wow will initially relaunch with two aircraft, potentially rising to 10-12 next summer, said Ballarin.

The airline collapsed in March following protracted search for fresh investment, which saw a number of potential partners – including Icelandair – pull out of a deal.