Completely offhand, among games that were actually released, Raizing's Brave Blade comes to mind. Polygonal vert with ships that transform into mechs, runs on Sony's ZN1 hardware.
This reminds me a lot of Cypher, a mech from Sega's Virtual On series that can also transform into a ship that looks spikey like this. It's even got the high-heel style feet...
Damn that is close. I doubt it’s Sega since they weren’t actively developing for M2 but maybe a designer that worked on it went to another company. That’s def the closest thing I’ve seen to it for sure. Thanks for the lead!
Solved : Thexder. A late 90's attempted remake on M2. I checked with the person who provided the files and they remembered it. Someone suggested it and it matched. It was going to a shmup similar to Thexder Neo
Yep, that'd be the Slipheed remake on the ol' PS2 hardware. Working Designs snagged the exclusive rights to have it published and distributed stateside back in the day.