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I would likely carry this in my pocket (not sure if that counts as "concealed" or not. Obvious use case is a self-defense situation where life is threatened.
The "Emerson Wave" feature is a small piece of metal/plastic that catches the pocket as you pull the knife out and causes the blade to come out. It's still a manual opener, but the piece of metal acts like your fingers as you pull it out.
General Practice Lawyer
MCL 750.226a makes the carrying of "any knife having the appearance of a pocket knife, the blade or blades of which can be opened by the flick of a button, pressure on a handle or other mechanical contrivance" a misdemeanor.
So the question is whether or not a knife with the Emerson Wave feature can be opened by "other mechanical contrivance." There does not appear to be any case law in Michigan interpreting what would be a mechanical contrivance. However, the phrase would be interpreted by reference to the other parts of the statute that refer to pressing a button or putting pressure on the handle. I would argue that the Emerson Wave feature is not similar to a switchblade because it has no springs or other mechanisms that are similar to a classic switchblade. But, the police or a judge might interpret the law differently, so there may be some small risk of being found to have violated the law by carrying it.
I would also note that the length of the blade is not relevant to whether or not a switchblade is illegal to carry.
Finally you need to be aware of MCL 750.226 which makes carrying a weapon with intent to use it unlawfully a felony.