April 1, 2025 stating that the Division had further extended the compliance deadline to April 30, 2025, seeking adjournment of the motion hearing, and setting forth a proposed briefing schedule. (Apr. 1, 2025 Letter.) I granted the parties’ requests (ECF No. 9) and the parties completed motion practice, (ECF No. 15 (Defs.’ Opp’n Br.), ECF No. 17 (Kalshi Reply Br.)). II. PRELIMINARY INJUNCTION MOTIONS To obtain a preliminary injunction, the movant must demonstrate both a likelihood of success on the merits and that it will more likely than not suffer irreparable harm without relief. Mallet and Co. Inc. v. Lacayo , 16 F.4th 364, 380 (3d Cir. 2021). If the two threshold factors are met, the court moves on to the two remaining factors—whether granting the requested relief will result in an even greater harm to the nonmovant or other interested party and whether the public interest favors relief—and balances the four factors together. Id. When the nonmovant is the government, the third and fourth factors merge. Shelley v. Metzger , 832 F. App’x 102, 104 (3d Cir. 2020). A court may issue a preliminary injunction “only if the movant gives security in an amount that the court considers proper to pay the costs and damages sustained by any party found to have been wrongfully enjoined or restrained.” Fed. R. Civ. P. 65(c). “While, the posting of a bond is rarely discretionary, ‘[t]he amount of the bond is left to the discretion of court.’” Marine Elec. Sys., Inc. v. MES Fin., LLC , 644 F. Supp. 3d 84, 96 (D.N.J. 2022) (alteration in original) (quoting Hoxworth v. Blinder, Robinson & Co. , 903 F.2d 186, 210 (3d Cir. 1990)); see also Boynes v. Limetree Bay Ventures LLC , 110 F.4th 604, 611 (3d Cir. 2024) (“We have held that posting a bond is ‘almost mandatory’; any exceptions are ‘rare.’” (quoting Frank’s GMC Truck Ctr., Inc. v. Gen. Motors Corp. , 847 F.2d 100, 103 (3d Cir. 1988))).
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