Yes,  see rule 35.  The RC must abandon the race.

Technically I think a race is only abandoned if the RC or PC declares it so (per definition of abandon). But rule 35 does require the RC to declare a race abandoned if no boat finished within the time limit. Rule 32.1 describes other circumstances where the RC may abandon a race, and rule 64.3 allows a PC to consider abandonment as a form of redress.

Noting, of course, that there has to be a time limit written in to the documents governing the race. Not always the case for longer offshore races.