The Delaware Supreme Court heard arguments Wednesday on whether a business’ former officer’s shares were restricted by trading bylaws that a special purpose acquisition company, or SPAC, adopted in the process of combining with the business.

The Chancery Court decision under review had determined that the restrictive period on post-transaction trading imposed by the SPAC’s contract did not include stock the plaintiff owned and that the plaintiff could trade it freely. But the defendant argued that the question Vice Chancellor Lori Will answered in her January opinion addressed an issue that plaintiff William Brown never raised in his complaints.