Chinese electric vehicle developer Faraday Future (FF) said on Monday it signed a new restructuring agreement with a unit of its main investor, Evergrande Health Industry Group, ending a bitter legal fight and clearing the path for raising funds.

Season Smart, which agreed to be bought by Evergrande Health, will now own 32 percent of the preference shares, down from a previous 45 percent, according to filings.

FF, which has ambitions to overtake Tesla Inc, said that the agreement would speed up its equity and debt financing efforts, adding that investors have expressed interest and several have already held talks.

FF said in November it was exploring strategic options, including debt and equity financing, two days after its co-founder Nick Sampson stepped down.

Sampson was the senior vice president for product strategy and is the second of three co-founders to resign in just over a year, leaving only Chief Executive Jia Yueting.

Sampson's exit was announced in October came as FF is embroiled in a bitter legal fight with Evergrande Health Industry, following a planned $2 billion investment that went sour.

The company said Peter Savagian, its senior vice president for global product and technology, had stepped down from his position as well.

Under Monday's agreement, both parties have agreed to withdraw and waive all current litigation and arbitration proceedings, and all rights to any future claims.