Financial Supervisory Authority Demands Closure of Crowdfunding Website Skip to content

Financial Supervisory Authority Demands Closure of Crowdfunding Website

By Yelena

WOW air
Photo: Golli.

A group purportedly aiming to resurrect WOW air has been ordered to close their crowdfunding website by Iceland’s Financial Supervisory Authority. The site is requesting 10-20,000 shareholders for the purpose of resurrecting the recently-bankrupt airline or founding a new low-cost airline to take its place. RÚV reported first.

According to a statement released by the Financial Supervisory Authority, the crowdfunding initiative does not fulfill the requirements of the Act on Securities Transactions. The statements ends by warning investors that they do not enjoy the same legal protection of their purchases via a private initiative as when they purchase stocks in a company that is registered on the stock market.

WOW’s former CEO Skúli Mogensen says he is in no way connected to the effort but is following closely. WOW air officially ceased operations on March 28, leaving thousands of passengers stranded and some 2,000 locals unemployed.

Sign up for our weekly newsletter

Get news from Iceland, photos, and in-depth stories delivered to your inbox every week!

* indicates required

Subscribe to Iceland Review

In-depth stories and high-quality photography showcasing life in Iceland!