A couple of former WOW Air executives announced in June that they were raising capital for a new airline whose concept would be similar to WOW Air. The working name? WAB Air (WAB = We are Back).
https://www.icelandreview.com/news/wab-air-to-rise-from-the-ruins-of-wow-air/
It looks like they have been successful in their capital raising efforts. Meet Play Air, which plans to begin intra-European flights soon and to announce US destinations in the spring.
https://www.flyertalk.com/articles/theres-a-new-icelandic-airline-out-to-play.html
I like the livery!