Further investigation shows that the end with the spanner flats is screwed in, and is a very tight fit:

On "calibration" against an external micrometer and gauge blocks the internal micrometer reads about 1 thou under with the end screwed fully home, So it can be adjusted to be exact.

However, I do nor believe that to be the correct means of calibration. The knurled ring is definitely screwed onto the plain shaft that fits into the micrometer thimble. I expect that shaft to also be screwed into the extension rod, so the knurled ring can be used to set calibration. However, the knurled ring is very tight, and I don't feel like fudging an extension piece just to prove a point.
As new M&W are claiming an accuracy of 0.0001", I find it difficult to believe that they are machining extension rods to that accuracy as a matter of course in production. Much easier, and cheaper, to machine to a looser tolerance and calibrate.
Andrew