Legally. Looks like it will just be a takedown gun. Just like how an AR-7 et al is technically fireable when folded. ATF has long decided that these are not intended to be SBR-end-runs. Same thing as how the 26" OAL is with the stock at maximum, not minimum fold/extension. They count the gun in the as-designed, fireable configuration.
This is very takedown gun. With the receiver extension removed it is a single shot. I mean, shoot once, then go get a new gun, maybe some bandages.
As a designer/human-factors type, I'd want to add a lock that keeps the bolt carrier in place so no one is hurt during an ND when disassembled. But... I can see the lawers saying not to do that for legal reasons. No way as designed that it can be misconstrued as an illegally short gun.