We have discussed this type of product before, perhaps a year or more ago. I do not recall if there was a concensus in favor or against the use of this item. For my part, I don't like it, but I can't give you a code article that it violates.
How it works is that you plug one 120 volt cord into a receptacle powered by Phase A, and another 120 volt cord into a receptacle powered by Phase B. You then have a source of 240 volts, that being the Phase A to Phase B voltage.
If you plug both cords into receptacles powered by the same phase, you get no voltage output at all. If you start with the cords plugged into the right receptacles, then unplug one of the cords, I don't know what you get. The manufacturer states that internal checking circuits will disable the device, if either of these things happen. So perhaps it is not unsafe. But I still don't like it. I would much rather see a step up transformer being used to raise a single phase 120V to a single phase 240V.