(Bloomberg) -- Senator Cory Booker’s fundraising isn’t keeping pace with what’s required and the New Jersey lawmaker is likely to drop out of the Democratic presidential race unless he collects $1.7 million in 10 days, the campaign said Saturday in a memo to supporters.

“Cory 2020 needs to raise an additional $1.7 million by September 30 to be in a position to build the organization necessary to continue competing,” said the memo, released Saturday. “Without a fundraising surge to close out this quarter, we do not see a legitimate long-term path forward.”

The former Newark, New Jersey, mayor raised $12.3 million by June 30 and had $5.3 million cash on hand. His fundraising is well behind other major candidates, including front-runner Joe Biden, Bernie Sanders, Elizabeth Warren, Kamala Harris, Pete Buttigieg, Amy Klobuchar and Beto O’Rourke.

Booker has consistently polled below leading candidates, including the emerging top tier of three contenders: Biden, Warren and Sanders.

In the memo, Booker’s campaign called the fundraising goal “a herculean challenge, but it can be done.” It also said that his fundraising in recent weeks has slowed after an uptick in August.

The campaign has scheduled a call with reporters for 10:30 a.m., insisting the memo isn’t a fundraising ploy.

To contact the reporter on this story: Laura Litvan in Washington at llitvan@bloomberg.net

To contact the editors responsible for this story: Joe Sobczyk at jsobczyk@bloomberg.net, Steve Geimann, Tony Czuczka

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