This is a Superman Dangle Dandy offered by Kellogg’s in 1955. This breakfast cereal premium was printed on the back of Corn Flakes cereal boxes; I unfortunately only have the original uncut back panel and not the rest of the box. Superman had a long history with Kellogg’s in the 1950s; other Superman premiums available from Kellogg’s included a rocket, space gun, and a flying Superman figure. Many of the boxes can be seen at The Imaginary World’s cereal box archive.
Here’s what it looks like assembled courtesy of Hake’s Americana & Collectibles. Hake’s has it for sale, so if you are interested, please click here to purchase.