Ask HN: What happens if you have a convertible note and are acquired?

If I have a $500k convertible note and then raise VC later it's easy: the note converts to shares at a discount.

But what if I sell before before the note has converted t shares? It wouldn't make sense to treat the acquisition price as "financing", so what typically happens?

What if the company is highly profitable and never raises more money and never gets acquired?