The number of shares the note can convert into is bounded by the upper and lower strike prices. The lower bound is about $1.84, in which case the owner of the $100K face value note can convert into about 58K shares. If the stock trades at the upper strike of about $5.53, they only get about 18K shares. If the company is otherwise equal, it would prefer to get more shares than fewer, if it prefers to remain long after exercise.
On the other hand, if it just wants to crystalise the profit at maturity, then it doesn't matter quite so much as they get a 7% discount if the price is between ~1.98 and ~5.95. Their profit increases at higher share prices as they only pay a maximum of $5.53.
Big short squeeze, page-366
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