SYDNEY, Dec. 7, 2022 /PRNewswire/ Parnell Pharmaceuticals Holdings Ltd (OTC Pink Open Market: PARNF) ("Parnell") today commenced its previously announced backstopped rights offering to raise gross proceeds of approximately US$4.0 million (the "Rights Offering"). Under the terms of the Rights Offering, at no charge, the qualifying shareholders as of 5:00 PM (Eastern Time), on December 6, 2022 (the "Record Date"), of Parnell's fully paid ordinary shares of common stock ("Ordinary Shares") are entitled to exercise their subscription rights to purchase their pro rata share of the US$4.0 million offering amount, as more fully described in the offering circular (the "Offering Circular") issued in connection with the Rights Offering. Each subscription right may be exercised to purchase 1.8585 Ordinary Shares at a subscription price equal to US$0.075 per share. No fractional shares will be issued. The subscription rights may be exercised