Spray a 13 x 9 x 2-inch pan with cooking spray. Also spray a large pot and a rubber scraper with nonstick cooking spray. Set aside.
In the large pot, melt butter and 4 cups marshmallows over medium low heat until marshmallows are melted completely.
Remove from heat. Stir in rum extract and ground nutmeg.
Moving quickly, pour in cereal and stir to coat in melted marshmallows. Once mostly coated, stir in the remaining 5 oz marshmallows. They will melt slightly from the heat, but not completely which is what you want.
Pour into prepared pan and press down with buttered fingers. Cool to room temperature, about 20-30 minutes.
for the optional glaze-
In a small bowl, stir powdered sugar and eggnog together until smooth.
Drizzle over bars and sprinkle with more ground nutmeg. Cut into bars and serve.