The Hologram projector is a throwable item that when thrown creates an object that provides soft cover to any agent standing next to it. Unlike most objects that provide soft cover, the object created by Hologram projector allows both agents and guards to move onto its tile (and guards will ignore its existence for pathing purposes). The Hologram projector does not provide soft cover on its own tile in any direction.
It can be picked up by both agents and guards on its tile, and guards will only pick it up or care about it if they investigate on its tile (but because it makes noise, human guards usually will investigate its tile if they come in its sound range, unless they see something else before picking it up). Once picked up by either an agent or guard, it will be on cooldown for 1 turn and cannot be thrown until that wears off. Drones will not pick up the Hologram projector unless they happen to investigate its tile for some other reason, as they cannot hear sound.