8-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

Current Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 9, 2007

ALLIANCE SEMICONDUCTOR CORPORATION

(Exact name of registrant as specified in its charter)

000-22594
(Commission File Number)

Delaware
(State or other jurisdiction of
incorporation) 77-0057842
(I.R.S. Employer Identification No.)

2900 Lakeside Drive
Santa Clara, California 95054-2831
(Address of principal executive offices, with zip code)

(408) 855-4900
(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS

	Item 7.01 Regulation FD.
	Item 9.01 Financial Statements and Exhibits.
SIGNATURE
EXHIBIT INDEX
EXHIBIT 99.1

Item 7.01 Regulation FD.

On January 9, 2007, Alliance Semiconductor Corporation announced that its board of directors had approved a share repurchase program authorizing the repurchase of up to Ten Million Dollars ($10,000,000) of its common stock. The duration of the repurchase program is one year, commencing on January 10, 2007, subject to earlier termination by the board. The repurchases will be made in the open market or in privately negotiated transactions (in the latter case, with further board approval). A copy of the press release announcing the share repurchase program is furnished herewith as Exhibit 99.1

Item 9.01 Financial Statements and Exhibits.

(c) Exhibits.

Exhibit No.	Description
99.1	Press Release dated January 9, 2007.

-2-

SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	ALLIANCE SEMICONDUCTOR CORPORATION
Date: January 9, 2007	By:	/s/ Melvin L. Keating
		Melvin L. Keating
		President and Chief Executive Officer

-3-

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press Release dated January 9, 2007.

EX-99.1

Exhibit 99.1

ALLIANCE SEMICONDUCTOR PLANS SHARE REPURCHASE PROGRAM

SANTA CLARA, Calif.—(BUSINESS WIRE)—January 9, 2007—Alliance Semiconductor Corporation (ALSC.PK) announced today that its Board of Directors had approved spending of up to $10 million to repurchase shares in open-market or privately negotiated transactions. The program contemplates purchases over the next year and purchases will be made when market conditions allow, and in compliance with applicable securities laws.

The company expects to purchase at market prices from time to time. “We believe this will represent an improved opportunity for stockholders who wish to obtain liquidity to do so, and represents an appropriate use of corporate funds,” said President and CEO Mel Keating. “We realize the distribution of funds from our completed and pending asset sales may take some time, and that some holders may not wish to wait until the board can decide in what form to distribute funds, or whether to reinvest some proceeds, or to wait for the resolution of pending claims against the company.”

An Alliance spokesman indicated that the application of $10 million to share purchases would not impair the company’s ability to meet its obligations to creditors, and that the program would be supervised by a committee of directors. The program has no set time table other than its planned expiration date, and can be suspended by the committee from time to time, especially if necessary to assure compliance with securities laws.

Alliance, headquartered in Santa Clara, California, was until recently engaged in the production and distribution of semiconductor products, but discontinued those operations in 2006. Alliance is in the process of selling its portfolio of venture capital investments and expects to liquidate its remaining assets in an orderly fashion.

FOR FURTHER INFORMATION CONTACT:

Alliance Semiconductor Corporation, Santa Clara, CA
Melvin L. Keating, President and Chief Executive Officer
408-855-4900