Large owner Dere Construction Taahhut A.S. disposed of $1,768,873 worth of shares (544,654 units at $3.25), acquired $1,768,873 worth of shares (544,654 units at $3.25), sold $4,118 worth of shares (1,999 units at $2.06) and bought $12,891,120 worth of shares (7,026,105 units at $1.83) (SEC Form 4)

2/14/25 4:18:26 PM ET

$TPIC

Industrial Machinery/Components

Industrials

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SEC FORM 4 SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Dere Construction Taahhut A.S.

(Last)

(First)

(Middle)

AKDENIZ MAH, CUMHURIYET BULVARI

BULVAR IS HANI 109/27 35210 KONAK

(Street)

IZMIR

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
TPI COMPOSITES, INC [ TPIC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

Director	X	10% Owner
Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
06/21/2024

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	06/21/2024		P		51,059	A	$4.85⁽⁴⁾⁽⁵⁾	332,754	D⁽¹⁾⁽²⁸⁾
Common Stock	06/24/2024		P		144,405	A	$4.96⁽⁴⁾⁽⁶⁾	477,159	D⁽¹⁾⁽²⁸⁾
Common Stock	07/08/2024		P		41,120	A	$3.6⁽⁴⁾⁽⁷⁾	518,279	D⁽¹⁾⁽²⁸⁾
Common Stock	11/25/2024		J⁽²⁶⁾		518,279	D	$3.3	0	D⁽¹⁾⁽²⁸⁾
Common Stock	12/16/2024		P		26,000	A	$1.25⁽⁴⁾⁽⁸⁾	26,000	D⁽¹⁾⁽²⁸⁾
Common Stock	12/18/2024		P		2,000	A	$1.22	28,000	D⁽¹⁾⁽²⁸⁾
Common Stock	12/19/2024		P		393,020	A	$1.23⁽⁴⁾⁽⁹⁾	421,020	D⁽¹⁾⁽²⁸⁾
Common Stock	12/20/2024		P		399,000	A	$1.18⁽⁴⁾⁽¹⁰⁾	820,020	D⁽¹⁾⁽²⁸⁾
Common Stock	12/23/2024		P		699,000	A	$1.84⁽⁴⁾⁽¹¹⁾	1,519,020	D⁽¹⁾⁽²⁸⁾
Common Stock	12/23/2024		P		532,980	A	$2.38⁽⁴⁾⁽¹²⁾	2,052,000	D⁽¹⁾⁽²⁸⁾
Common Stock	12/24/2024		P		252,615	A	$1.82⁽⁴⁾⁽¹³⁾	2,304,615	D⁽¹⁾⁽²⁸⁾
Common Stock	12/25/2024		P		634,066	A	$1.94⁽⁴⁾⁽¹⁴⁾	2,938,681	D⁽¹⁾⁽²⁸⁾
Common Stock	01/06/2025		P		115,551	A	$1.97⁽⁴⁾⁽¹⁵⁾	3,054,232	D⁽¹⁾⁽²⁸⁾
Common Stock	01/20/2025		P		12,000	A	$1.59⁽⁴⁾⁽¹⁶⁾	3,066,232	D⁽¹⁾⁽²⁸⁾
Common Stock	01/23/2025		P		557,000	A	$1.45⁽⁴⁾⁽¹⁷⁾	3,623,232	D⁽¹⁾⁽²⁸⁾
Common Stock	01/28/2025		P		224,000	A	$1.69⁽⁴⁾⁽¹⁸⁾	3,847,232	D⁽¹⁾⁽²⁸⁾
Common Stock	01/29/2025		P		319,000	A	$1.73⁽⁴⁾⁽¹⁹⁾	4,166,232	D⁽¹⁾⁽²⁸⁾
Common Stock	01/30/2025		P		14,000	A	$1.56⁽⁴⁾⁽²⁰⁾	4,180,232	D⁽¹⁾⁽²⁸⁾
Common Stock	07/30/2024		J⁽²⁷⁾		26,375	A	$2.22	4,466,640	D⁽²⁾⁽²⁸⁾
Common Stock	11/25/2024		J⁽²⁶⁾		518,279	A	$3.3	4,984,919	D⁽²⁾⁽²⁸⁾
Common Stock	12/19/2024		P		206,830	A	$1.25⁽⁴⁾⁽²¹⁾	5,191,749	D⁽²⁾⁽²⁸⁾
Common Stock	12/20/2024		P		259,000	A	$1.19⁽⁴⁾⁽²²⁾	5,450,749	D⁽²⁾⁽²⁸⁾
Common Stock	12/23/2024		S		1,999	D	$2.06	5,448,750	D⁽²⁾⁽²⁸⁾
Common Stock	12/23/2024		P		1,703,237	A	$1.81⁽⁴⁾⁽²³⁾	7,151,987	D⁽²⁾⁽²⁸⁾
Common Stock	12/24/2024		P		218,171	A	$2.01⁽⁴⁾⁽²⁴⁾	7,370,158	D⁽²⁾⁽²⁸⁾
Common Stock	12/25/2024		P		222,051	A	$2.03⁽⁴⁾⁽²⁵⁾	7,592,209	D⁽²⁾⁽²⁸⁾
Common Stock	07/30/2024		J⁽²⁷⁾		26,375	D	$2.22	0	D⁽³⁾⁽²⁸⁾
Common Stock								100	D⁽²⁸⁾⁽²⁹⁾

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

1. Name and Address of Reporting Person^*

Dere Construction Taahhut A.S.

(Last)

(First)

(Middle)

AKDENIZ MAH, CUMHURIYET BULVARI

BULVAR IS HANI 109/27 35210 KONAK

(Street)

IZMIR

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

Director	X	10% Owner
Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Turan Zeki Bora

(Last)

(First)

(Middle)

AKDENIZ MAH, CUMHURIYET BULVARI,

BULVAR IS HANI 109/27, 35210 KONAK

(Street)

IZMIR

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

Director	X	10% Owner
Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Birhekimoglu Emre

(Last)

(First)

(Middle)

AKDENIZ MAH, CUMHURIYET BULVARI,

BULVAR IS HANI 109/27, 35210 KONAK

(Street)

IZMIR

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

Director	X	10% Owner
Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Kirmizioglu Alp

(Last)

(First)

(Middle)

67 THE PRADO NE

(Street)

ATLANTA

30309

(City)

(State)

(Zip)

Relationship of Reporting Person(s) to Issuer

Director	X	10% Owner
Officer (give title below)		Other (specify below)

Explanation of Responses:

1. These shares of issuer common stock ("Common Stock") are held directly by Dere Construction Taahhut A.S. ("Dere Construction").

2. These shares of Common Stock are held directly by Mr. Zeki Bora Turan.

3. These shares of Common Stock are held directly by Mr. Emre Birhekimoglu.

4. Reflects the average purchase price. The reporting person effected multiple same-way open market purchase transactions on the same day at different prices through a trade order executed by a broker dealer. The reporting person reported on a single line all such transactions that occurred within a one-dollar price range. The reporting person hereby undertakes to provide upon request by the Securities and Exchange Commission staff, the issuer, or a shareholder of the issuer, full information regarding the number of shares purchased at each separate price.

5. The range of prices for such transaction is $4.81 to $4.88.

6. The range of prices for such transaction is $4.83 to $5.11.

7. The range of prices for such transaction is $3.50 to $3.66.

8. The range of prices for such transaction is $1.24 to $1.26.

9. The range of prices for such transaction is $1.17 to $1.26.

10. The range of prices for such transaction is $1.13 to $1.24.

11. The range of prices for such transaction is $1.23 to $2.23.

12. The range of prices for such transaction is $2.24 to $2.53.

13. The range of prices for such transaction is $1.78 to $2.31.

14. The range of prices for such transaction is $1.69 to $2.14.

15. The range of prices for such transaction is $1.93 to $2.01.

16. The range of prices for such transaction is $1.58 to $1.60.

17. The range of prices for such transaction is $1.34 to $1.58.

18. The range of prices for such transaction is $1.60 to $1.77.

19. The range of prices for such transaction is $1.65 to $1.80.

20. The range of prices for such transaction is $1.54 to $1.58.

21. The range of prices for such transaction is $1.23 to $1.26.

22. The range of prices for such transaction is $1.14 to $1.26.

23. The range of prices for such transaction is $1.35 to $2.29.

24. The range of prices for such transaction is $1.81 to $2.39.

25. The range of prices for such transaction is $1.96 to $2.12.

26. Sale of shares of Common Stock from Dere Construction to Mr. Turan.

27. Sale of shares of Common Stock from Mr. Birhekimoglu to Mr. Turan.

28. Mr. Turan is the Chairman of the Board of Dere Construction and Mr. Birhekimoglu is the Commercial Manager of Dere Construction. By virtue of these and other relationships and pursuant to the SEC's beneficial ownership rules, the Reporting Persons may be deemed to be members of a group.

29. These shares of Common Stock are held directly by Mr. Alp Kirmizioglu.

	DERE CONSTRUCTION TAAHHUT A.S. By: /s/ Zeki Bora Turan Name: Zeki Bora Turan Title: Chairman of the Board	02/14/2025
	/s/ Zeki Bora Turan	02/14/2025
	/s/ Emre Birhekimoglu	02/14/2025
	/s/ Alp Kirmizioglu	02/14/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

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Date	Price Target	Rating	Analyst
3/18/2025	$0.50	Hold → Underperform	Jefferies
12/12/2024		Overweight → Neutral	Analyst
11/15/2024	$4.00 → $2.00	Equal-Weight → Underweight	Morgan Stanley
10/17/2024	$5.00	Hold	Jefferies
10/3/2023		Outperform → Mkt Perform	Raymond James
7/27/2023	$10.00	Accumulate → Hold	Johnson Rice
7/27/2023		Buy → Neutral	BTIG Research
7/27/2023	$15.00 → $11.00	Buy → Hold	Craig Hallum

Large owner Dere Construction Taahhut A.S. disposed of $1,768,873 worth of shares (544,654 units at $3.25), acquired $1,768,873 worth of shares (544,654 units at $3.25), sold $4,118 worth of shares (1,999 units at $2.06) and bought $12,891,120 worth of shares (7,026,105 units at $1.83) (SEC Form 4)

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Recent Analyst Ratings for
$TPIC

Large owner Dere Construction Taahhut A.S. disposed of $1,768,873 worth of shares (544,654 units at $3.25), acquired $1,768,873 worth of shares (544,654 units at $3.25), sold $4,118 worth of shares (1,999 units at $2.06) and bought $12,891,120 worth of shares (7,026,105 units at $1.83) (SEC Form 4)

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Recent Analyst Ratings for $TPIC

Recent Analyst Ratings for
$TPIC