Ron Paul, the lone contender left against Mitt Romney in the GOP presidential primary, announced Monday that he will stop spending money on his campaign in the remaining 11 primaries, resulting in a de facto suspension of his campaign. 

From the Los Angeles Times:

The libertarian Texas congressman told supporters in an email that he would continue to accumulate delegates to the Republican National Convention in August in Tampa, Fla.

“Moving forward, however, we will no longer spend resources campaigning in primaries in states that have not yet voted,” he wrote. “Doing so with any hope of success would take many tens of millions of dollars we simply do not have.”

Apart from President Obama and Romney, Paul has raised more money than any other White House contender this year – more than $36 million. His calls for strict adherence to the Constitution and his no-nonsense manner have spawned a vocal and well organized group of followers, but not enough to give him a realistic shot at the presidency.

Having won 104 out of the 1,144 delegates needed to capture the Republican nomination, Paul is in fourth place and has no chance of overtaking Romney, who has 966, according to the latest Associated Press tally. Rick Santorum is in second with 264, followed by Newt Gingrich, who has 130.

 Paul's campaign will announce its plans moving forward in the coming days, according to Reuters.

Here is the complete text of Paul's announcement to supporters, via the Houston Chronicle:

“As I reflect on our 2012 Presidential campaign, I am humbled by the supporters who have worked so hard and sacrificed so much. And I am so proud of what we have accomplished. We will not stop until we have restored what once made America the greatest country in human history.

“This campaign fought hard and won electoral success that the talking heads and pundits never thought possible. But, this campaign is also about more than just the 2012 election. It has been part of a quest I began 40 years ago and that so many have joined. It is about the campaign for Liberty, which has taken a tremendous leap forward in this election and will continue to grow stronger in the future until we finally win.

“Our campaign will continue to work in the state convention process. We will continue to take leadership positions, win delegates, and carry a strong message to the Republican National Convention that Liberty is the way of the future.

“Moving forward, however, we will no longer spend resources campaigning in primaries in states that have not yet voted. Doing so with any hope of success would take many tens of millions of dollars we simply do not have. I encourage all supporters of Liberty to make sure you get to the polls and make your voices heard, particularly in the local, state, and Congressional elections, where so many defenders of Freedom are fighting and need your support.

“I hope all supporters of Liberty will remain deeply involved – become delegates, win office, and take leadership positions. I will be right there with you. In the coming days, my campaign leadership will lay out to you our delegate strategy and what you can do to help, so please stay tuned.

For Liberty,

Ron Paul.”

 

[View the story "Follow reaction to Paul's announcement:" on Storify]