Yep, they count. But would not YA have immediately sold those right after the conversion (especially the 100,000,000 you nmentioned) to try to avoid the 5% filing requirements? This is almost certainly why they are spacing those conversions out over time.
I actually believe that Neom should PR/8-K those conversions when and as they happen so that we know - on an on-going basis - what to expect.
See the article at this link for a subject related to this: