Never do a convertible note where the investment is material in size, or material to you.
Notes aren’t a proper vehicle for that.
Too many things can happen. They can get repriced, they can get amended without your consent, many games can be played.
It often works out fine. But not always, as in the case.
The solution is to call it a Lesson Learned.
And if the amount is material, if the investment is material. Only do priced equity.
If it’s immaterial, and if price and terms aren’t that important. Notes are fine.