This toy was based on the popular 88-episode TV series "Tom Corbett, Space Cadet" (1950-1955).
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From imdb.com:
𝑺𝒆𝒕 𝒅𝒖𝒓𝒊𝒏𝒈 𝒕𝒉𝒆 𝒎𝒊𝒅𝒅𝒍𝒆 𝒐𝒇 𝒕𝒉𝒆 24𝒕𝒉 𝑪𝒆𝒏𝒕𝒖𝒓𝒚 𝒂𝒕 𝒕𝒉𝒆 𝑺𝒑𝒂𝒄𝒆 𝑨𝒄𝒂𝒅𝒆𝒎𝒚 (𝒂 𝒕𝒓𝒂𝒊𝒏𝒊𝒏𝒈 𝒔𝒄𝒉𝒐𝒐𝒍 𝒇𝒐𝒓 𝒕𝒉𝒆 𝑺𝒐𝒍𝒂𝒓 𝑮𝒖𝒂𝒓𝒅𝒔) 𝒂𝒏𝒅 𝒂𝒃𝒐𝒂𝒓𝒅 𝒕𝒉𝒆 '𝑷𝒐𝒍𝒂𝒓𝒊𝒔', 𝒂 𝑺𝒐𝒍𝒂𝒓 𝑮𝒖𝒂𝒓𝒅 𝒕𝒓𝒂𝒊𝒏𝒊𝒏𝒈 𝒔𝒉𝒊𝒑, 𝒕𝒉𝒊𝒔 𝒉𝒖𝒈𝒆𝒍𝒚-𝒑𝒐𝒑𝒖𝒍𝒂𝒓 𝒔𝒄𝒊𝒆𝒏𝒄𝒆-𝒇𝒊𝒄𝒕𝒊𝒐𝒏 𝒔𝒆𝒓𝒊𝒆𝒔 𝒘𝒂𝒔 𝒐𝒏𝒆 𝒐𝒇 𝒕𝒉𝒆 𝒗𝒆𝒓𝒚 𝒇𝒆𝒘 𝒑𝒓𝒐𝒈𝒓𝒂𝒎𝒔 𝒕𝒐 𝒂𝒊𝒓 𝒐𝒏 𝒂𝒍𝒍 𝒇𝒐𝒖𝒓 𝒎𝒂𝒋𝒐𝒓 𝒏𝒆𝒕𝒘𝒐𝒓𝒌𝒔, 𝒊𝒏𝒄𝒍𝒖𝒅𝒊𝒏𝒈 𝒂 𝒃𝒓𝒊𝒆𝒇 𝒑𝒆𝒓𝒊𝒐𝒅 𝒊𝒏 1951 𝒘𝒉𝒆𝒏 𝒊𝒕 𝒓𝒂𝒏 𝒐𝒏 𝒕𝒘𝒐 𝒏𝒆𝒕𝒘𝒐𝒓𝒌𝒔 𝒔𝒊𝒎𝒖𝒍𝒕𝒂𝒏𝒆𝒐𝒖𝒔𝒍𝒚 (𝑵𝑩𝑪 𝒂𝒏𝒅 𝑨𝑩𝑪). 𝑰𝒕 𝒘𝒂𝒔 𝒔𝒆𝒆𝒏 𝒕𝒉𝒓𝒆𝒆 𝒕𝒊𝒎𝒆𝒔 𝒘𝒆𝒆𝒌𝒍𝒚 𝒐𝒗𝒆𝒓 𝑪𝑩𝑺 𝒂𝒏𝒅 𝑨𝑩𝑪 𝒊𝒏 𝒇𝒊𝒇𝒕𝒆𝒆𝒏-𝒎𝒊𝒏𝒖𝒕𝒆 𝒇𝒐𝒓𝒎𝒂𝒕, 𝒂𝒏𝒅 𝒊𝒏 𝒉𝒂𝒍𝒇-𝒉𝒐𝒖𝒓 𝒆𝒑𝒊𝒔𝒐𝒅𝒆𝒔 𝒐𝒏 𝑺𝒂𝒕𝒖𝒓𝒅𝒂𝒚𝒔 𝒐𝒗𝒆𝒓 𝑫𝒖𝑴𝒐𝒏𝒕 𝒂𝒏𝒅 𝑵𝑩𝑪.