Anthony is absolutely spot on - it is liquid and the gas above also acts as an expellant. It is DEFINITELY NOT a supercritical liquid and please do NOT 'assume' it is at 200-300 bar! That level of pressure applies to BA cylinders, think 52-57 bar instead............As the liquid vapourises it is so endothermic that it can (and usually does) form a solid (frozen in simple language) form, which then sublimes. You will see this if you aim the extinguisher directly onto a surface, just don't touch that solid as it will be below -70'C, this does not mean the ice that forms on the horn/valve as this is water freezing from the atmosphere, but this will be at a similar temperature.
PS NEVER, NEVER, NEVER use wikipedia for research, remembering that you are relying on an individual's post of their interpretation, or possibly limited knowledge. The 200-300 bar bit proves the point and dramatically. If you do any higher education study you would not be allowed to include any wiki research and your use of it would be very badly viewed - quite rightly.
People who use CO2 extinguishers to feed MIG welders (so much cheaper than special CO2 cyliders they think) come across problems as there is liquid dipelled which 'blocks' the tubing due to solidification, or liquid getting to the jet and delivering a sporadic gas flow.