"The Maturity Date commences on 17 November 2023 and continues...

"The Maturity Date commences on 17 November 2023 and continues until thelatter of 6 (six) months from 17 November 2023 or until the Note has beenredeemed in full."

If they chose to convert 50% they don't get their cash back until the maturity date. So any time after 17/11/23 they may elect to:

a) convert 50% into ADS and flip them on market and wait for the note to mature and get back the remaining 50% cash plus interest,
b) convert 100% of the note into ADS,
c) not convert and wait until maturity to get their cash back plus interest.