Herman Cain suspends candidacy for president

After days of speculation, the Herman Cain presidential train is now officially no more.

The former CEO of Godfather's Pizza announced Saturday afternoon that he was suspending his campaign in the midst of several allegations diminishing his hopes for the Republican presidential nomination.

"With a lot of prayer and soul searching, I am suspending my presidential campaign," he told the audience at his campaign headquarters in Atlanta, Georgia. "Because of the continued distraction and hurt caused on me and my family, not because we are not fighters, not because I'm not a fighter. It's just that I went through this reassessment with the impact on my family, the impact on you, my supporters, as well as the impact on the ability to continue in order to raise the necessary funds to continue, we had to come to this conclusion."

Cain did vow that he had a "Plan B" for his dejected supporters, announcing the website thecainsolutions.com to continue pushing his image and beliefs.

"I will not be silenced and I will not go away," he said.

WATCH: Video from Youtube, which was broadcast on December 3, 2011.