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According to MyNintendoNews, the game will be available for $1.49 via the Nintendo eShop and will feature two modes: Normal and Survival.
The trailer for the game, which you can watch above, shows a diamond-shaped object made up of four colors: red, yellow, blue and green. The player moves the object so that the color facing the approaching enemy matches the color of the enemy itself. Doing such allows the player to get rid of his or her foes and build up a high score in the process.
There are also gray-colored enemies, which it appears you can destroy with any of these four diamond colors. The diamond also sometimes has a black segment, although its function is not clear in the trailer.