Former Rep. Rob Simmons announced Tuesday that he will no longer seek the GOP Senate nomination.

The move came four days after he lost the state party convention endorsement to former World Wrestling Entertainment CEO Linda McMahon.

In a statement, Simmons said his decision was based on the “mathematical reality” of competing against an opponent with “unlimited financial resources who has already invested over 16 and a half million dollars in this campaign … and who has an unlimited ability to continue spending at an extraordinary rate.”

Simmons said he would be releasing his campaign staff and curtailing campaign activities. “This is not an easy decision or a happy decision. But we believe it is the right decision,” he said.

McMahon will still face a primary in August, because tea party activist Peter Schiff said he intends to get on the ballot. And Simmons’ supporters will be able to vote for him even though he won’t be actively campaigning.

“While my name will remain on the primary ballot, in the coming months I will devote myself to helping other Republican candidates for public office who I believe will bring to Connecticut and the Nation the leadership we need at this most difficult time,” Simmons said.

The winner of the primary will face Attorney General Richard Blumenthal (D) in the race to replace retiring Sen. Chris Dodd (D).