So in summary, there are two layers. Top has white and magenta, bottom has cyan and yellow.
The magenta particles let light through, the others do not.
The top layer can put white on top to make white.
The top layer can pull all the particles to the side to be completely clear. This allows yellow/cyan/green depending on the state of the bottom layer.
The top layer can put magenta on top and white on bottom to make magenta.
The top layer can put magenta on top and pull white to the side to be clear magenta. This allows red/blue/black respectively, when the bottom layer is yellow/cyan/green.
Edit: But the initial article specifically says "The display utilizes a single layer of electrophoretic fluid" so it sounds like it's using a different tech.