Taito and M2 have announced the Ray’z Arcade Chronology for Switch and PS4, and it will be released in Japan in 2023. This collection will include RayForce, RayStorm, RayCrisis, RayStorm NEO-HD, and RayCrisis HD.
Regarding RayStorm NEO-HD, this is a redone version of the arcade game, and Taito noted that this will be different from RayStorm HD which had additional elements as well as a 16:9 aspect ratio, as this game will have the same content as the arcade version and a 4:3 aspect ratio.
You can visit the official website here.