Details are pretty sparse, but according to a release issued today by Franklin Armory, it has developed a new action that fires one round each time the trigger is pulled, but it is not considered a semi-automatic action.
From the video above, I would guess that the trigger performs a number of functions every time it's pulled. Considering the guy in the vid is dry firing the gun repeatedly without cocking it, I imagine that the trigger first retracts the bolt and cocked the firing mechanism, the bolt is then released allowing a new round to be chambered, and then the final stage of the trigger pull fires the round.
The fact that Franklin touts the gun as being clean running lends credence to the idea that there is no gas system.
Franklin says the Providence will be offered as a pistol caliber carbine and a pistol and that it accepts Glock magazines. The video also indicates that the gun is caliber convertible.
The Providence will be on display at SHOT Show, so we will follow up.
"Providence® was inspired by the demand for a non-semiautomatic carbine in international markets. In my opinion, what we created was the safest, quietest, and cleanest running design ever conceived."
Last year, Franklin Armory made a big buzz before SHOT Show by teasing details of what they touted as a non-NFA short-barreled AR. After much secrecy and delays, it was revealed that the Reformation is a smooth-barreled firearm, meaning it's not regulated as a rifle or pistol, that fired a proprietary bullet. Accuracy was questionable, the price is high, and lots of folks were disappointed, but the Reformation is still for sale. Perhaps Providence will prove to be a more viable NFA-skirting innovation.