Globalstar has an operating business that generated about $97 million in sales last year.

The company won clearance from the Federal Communications Commission to use its spectrum in terrestrial wireless service in December. The company says it is seeking approvals in foreign countries to deploy wireless service on its spectrum. Straight Path only had U.S. wavelengths.

Unlike Straight Path, though, Tawil suggested that Globalstar can afford to wait.

Globalstar says its spectrum is well suited for small cells, a type of wireless infrastructure that extends coverage of wireless networks in areas where traditional cell towers have insufficient coverage, such as shopping malls or arenas.

"The final rules adopted by the FCC [regarding Globalstar] provide for either or both indoor or outdoor small cell services that provide a high-quality solution to address increasing capacity requirements across all wireless network," Monroe told investors during an early-May earnings call.

Verizon and AT&T have deployed small cells in the past.

The question is whether a broader field of bidders will materialize for Globalstar.

Comcast (CMCSA) and Charter (CHTR) recently announced an agreement in which they will explore wireless opportunities. The cable companies plan to resell Verizon's service in their territories. Comcast bought spectrum in the recently concluded government auction, and the cable operators could purchase more licenses together.

And T-Mobile USA CEO John Legere recently questioned whether companies such as Alphabet's (GOOGL) Google and Amazon (AMZN) would also enter the wireless business through partnerships or other arrangements.

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