(CNN) - An announcement from Rep. Ron Paul indicates that the Republican presidential candidate will no longer actively campaign for the GOP nomination, but will continue to work to secure delegates at upcoming Republican state conventions.
"Moving forward, however, we will no longer spend resources campaigning in primaries in states that have not yet voted," said Paul, in a statement released Monday afternoon. "Doing so with any hope of success would take many tens of millions of dollars we simply do not have."
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As of April 1, Paul's campaign had $1.8 million cash on hand.
But the longtime congressman from Texas, who's making his third bid for the White House, says he'll continue to try and secure delegates to the Republican convention in Tampa, Florida in late August.
"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," adds Paul, in his statement.
With former Sen. Rick Santorum of Pennsylvania and former House Speaker Newt Gingrich having suspended their campaigns, Paul is the last remaining major candidate still standing against former Massachusetts Mitt Romney, the presumptive Republican presidential nominee.
According to the most recent CNN estimate, Romney has secured 945 delegates, compared 286 for Santorum, 145 for Gingrich and 99 for Paul. One-thousand, one-hundred and forty-four delegates are needed to clinch the nomination.
Last Wednesday Paul told CNN that he doesn't foresee lending his support to Romney any time soon, and that he's staying in the race to impact the party's agenda. He added that to reconcile his differences with Romney would, at this point, be "pretty hard."
"It certainly isn't for the reason of disrupting the convention," said Paul, of his push for delegates at state party conventions. "I'm in it for very precise reasons: to maximize our efforts to get as many delegates as we can. I'm still a candidate, and to promote something that is very, very important, that is a change in the direction for the Republican Party."
- CNN's Gregory Wallace contributed to this report
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Good – it only took him 6 months to realize that he'll never win a nomination, much less an election.
Thank you now get on board the Romney Express and do whatever you can to get him elected. The future of this country counts on it.
Ron never was a viable candidate. Even his son appears to have dumped Libertarianism in favor of government control of: women's rights, gays, and a forced state religion.
Well that's just great. The only guy that is not corrupt in D.C. is dropping out of the race. Congratultions America you have selected Mitt Romney. Best of luck with 4 more years of Obama, but hey we are all screwed regardless of who the president will be.
WOW. CNN is covering ron paul for exiting campaign.
Bummer! Now we have no choice at all, as Obama and Romney are virtually the same. Is this a great country, or what?
Yes, it's time for his campaign's sundowning.
This is very sad to hear. Sad enough to not want to vote for anyone else, a puppet for the dems and a GOP candidate who is not in touch with citizens of not only USA, but citizens of the world. Mr. Paul, thank you for everything.
And another one bites the dust
Paul, it is heart breaking. You should stay on the race to check out Obama health and status because you are a active Doctor!
In a few years, we're going to regret not making Ron Paul our president.
YAY!!! Go Ron Paul, go! – GO AWAY!!!
This article is misleading. He is not ending his campaign at all. He just realizes where he'll be able to have the most impact. Just look at the success he's having with delegates in states where he didn't win the "straw poll" primaries. Nevada, Minnesota, Maine, Arizona, Washington, Massachusetts, etc...
Many members of the media will try to spin this as he is "giving up." However, political strategists will see that he is really just saving his money and will continue to be a major contender at the Republican National Convention in Tampa.
"In a few years, we're going to regret not making Ron Paul our president."
Right. Because in a few years it will become very apparent that not destroying the Dept. of Education was a huge mistake? Rondroid is a loon...and very dangerous, ideological loon.
such a shame that the ONLY Way one can be president of the united states is to be a multi billionaire. this is not the way it was supposed to be.
really sad. He is the only candidate with something different. the rest are pieces of the same pie.
Not surprised at all......we need a third party....Paul should have run as an independent...
Working within his budget.......
This man has my vote!
Keep fighting Ron, we are behind you!
He has a lot of delegates, wonder whether he will make trouble at the GOP convention.
I for one will be writting his name in November. Romney is not the answer. He is no different from Obama.
the reality is for most Ron Paul supporters they will not vote for Romney or Obama. Whether Paul actively runs or not he still has our vote.
I can't wait to see all those who want obama as president, when he ruins your country I'm gonna be laughing so hard. Ron Paul was the only one I wanted to vote for. He's the only worthy candidate up there.
I was about to say, "I'll miss the PaulBots, I truly truly will", but they're on here reminding me about all those critical straw poll delegates he's won, so I guess that Ron Paul Revolution will continue.