Shares in Mexican airline Aeromexico fell more than 5% after the market open Tuesday after the company said it had requested permission from the country's securities regulator to initiate a share buyback program as part of its move from the national market onto a U.S. stock exchange.

Aeromexico emerged from bankruptcy in March with a $5 billion investment plan and changes to its fleet, coming after travel demand tanked in 2020 due to the coronavirus pandemic.

Late in June, shareholders voted to back the exit from the main Mexican stock exchange as part of the company's restructuring.

As part of the restructuring, "Old shares are canceled, and the new shares of a company are issued. Mexican law requires delisting as part of that process," said Katie Coleman, co-chair of law firm Hughes Hubbard & Reed's corporate reorganization and bankruptcy practice, which participated in the process.

After exiting Mexico, the airline planned to list on the New York Stock Exchange (NYSE) or Nasdaq, according to its so-called registration rights agreement filed in April.

Aeromexico said in a statement late Monday that it will list new shares on the "Stock Exchange for the State of New York," though an Aeromexico spokesman did not immediately respond to a request for comment Tuesday as to whether the company was referring to the New York Stock Exchange or the Nasdaq. (Reporting by Kylie Madry; Editing by Susan Fenton)