The company has the right to convert it. For these 245 million...

The company has the right to convert it. For these 245 million shares, the company did not use its right. The holders chose their right to convert it.

For example:
Let say that you are the issuer of convertible notes to holders that give you the right to convert to shares with certain conditions. You can repay the notes or convert to shares. The holders can convert to shares or choose to receive in cash with certain conditions. When the actual share price is lower than the strike price, you will choose to convert to shares instead of paying back by cash. If the actual share price is higher than the strike price, you will choose to pay cash but you can not do it because the holders will choose to convert it. Therefore, it is called as "Convertible Note". This is my understanding.

In this case, although you have a very good English, it is useless if you do not have enough knowledge