This logo was created by Reno Carrillo and is a terrific example of utilizing negative space. The red coloring shapes out a city skyline while also representing paint dripping down a paint can. The type manipulation having a slight bend to appear wrapping around the negative space also helps create this illusion. The white space between these elements makes us complete the image as an opened paint can.
Here is a link to Carrillo’s portfolio : https://logopond.com/HitByReindeer/profile/21289
Graphic Design Fall 2018 
I agree that this is a great example using positive and negative space. It is unclear what is the background, however, it is clear to the viewer that the image is an opened paint can. The words wrapping as you mentioned act as a label on the can. The bright red and contrast with the white also help to get the viewers attention.
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