I don't see why it would be an AOW. The bizarre shape? Foldable grip? I don't see why that's different than guns like the North American holster grip 22/22Magnum. I seem to have misplaced my copy of those rules, though.
The rules are arbitrary and stupid, as I posted about in this post here. The difference is that the North American Holster Grip pistol leaves the action and barrel exposed. In other words, it is obviously a handgun. What earns you a classification as an AOW is manufacturing a firearm that doesn't LOOK like a firearm. This is why Cane guns, pen guns, and previous cell phone guns have been declared to be AOWs.
When contacted, the company claims that it is not an AOW, and that they have classified the weapon as a pistol with a folding grip. The problem is that they do not have anything from the ATF stating that they agree with the manufacturer.
Some claims I read in comments made by the company on their Facebook page:
* working prototype expected in May 2016
* production hopefully begins July 2016, sales shortly after
* was originally conceived as a 3-barrel .22WMR, then changed to .32, then ultimately, .380 acp, which is what the production model will be
* they classify this as a pistol with a folding grip, which they say keeps it out of AOW territory
I think I'd like to see the ATF agree before dropping any money on one of these. I would hate to get a visit from the ATF after buying one.